SEIU Affiliates Officers and Employees Pension Plan

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1 SEIU Affiliates Officers and Employees Pension Plan Actuarial Valuation and Review as of January 1, 2016 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing requirements of federal government agencies. This valuation report may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provided to other parties in its entirety. The measurements shown in this actuarial valuation may not be applicable for other purposes. Copyright 2017 by The Segal Group, Inc. All rights reserved.

2 ìf Segal Consulting 1800 M Street, NW, Suite 900 S Washington, DC T March 29,2017 Board of Trustees SEIU Affiliates Officers and 1800 Massachusetts Ave N'W, Suite 301 Washington, DC Dear Trustees: We are pleased to submit the Actuarial Valuation and Review as of January I, It establishes the funding requirements for the current year and analyzes the preceding year's experience. It also summarizes the actuarial data and includes the actuarial information that is required to be filed with Form 5500 to federal government agencies. The census information upon which our calculations were based was prq)ared by the Fund Office, under the direction of Eunice'Washington. That assistance is gratefully acknowledged. The actuarial calculations were completed by Alex Giordano and Steve Loomis, FCA, ASA, MAAA, Enrolled Actuary under the supervision of Deborah J. Marcotte, FCA, MAAA, Enrolled Actuary. We look forward to reviewing this report with you at your next meeting and to answering any questions you may have. Sincerely, Segal By: a Member of The S Group Murphy Vice President ts Consultant Benefits, Gompensation and HR Gonsulting. Member of The Segal Group. Offices throughout the United States and Canada

3 Table of Contents SEIU Affiliates Officers and Actuarial Valuation and Review as of January 1, 2016 Section 1: Actuarial Valuation Summary Summary of Key Valuation Results... 8 A. Developments Since Last Valuation... 9 B. Funded Percentage and Funding Standard Account C. Scheduled Cost D. Withdrawal Liability Comparison of Funded Percentages Section 2: Actuarial Valuation Results Participant Information Financial Information Actuarial Experience Actuarial Assumptions Plan Provisions Pension Protection Act of Funding Standard Account (FSA) Scheduled Cost Risk Withdrawal Liability Disclosure Requirements Section 3: Supplementary Information Exhibit A - Table of Plan Coverage Exhibit B - Participant Population Exhibit C - Summary Statement of Income and Expenses on an Actuarial Basis Exhibit D - Investment Return Actuarial Value vs. Market Value Exhibit E - Annual Funding Notice for Plan Year Beginning January 1, 2016 and Ending December 31, Exhibit F - Funding Standard Account Exhibit G - Maximum Deductible Contribution Exhibit H - Pension Protection Act of Section 4: Certificate of Actuarial Valuation Certificate of Actuarial Valuation Exhibit 1 - Summary of Actuarial Valuation Results Exhibit 2 - Actuarial Present Value of Accumulated Plan Benefits Exhibit 3 - Current Liability Exhibit 4 - Information on Plan Status as of January 1, Exhibit 5 - Schedule of Projection of Expected Benefit Payments Exhibit 6 - Schedule of Active Participant Data Exhibit 7 - Funding Standard Account Exhibit 8 - Statement of Actuarial Assumptions/Methods Exhibit 9 - Summary of Plan Provisions

4 Introduction There are several ways of evaluating funding adequacy for a pension plan. In monitoring the Plan s financial position, the Trustees should keep in mind all of these concepts. Funding Standard Account Zone Information Solvency Projections Scheduled Cost Withdrawal Liability The ERISA Funding Standard Account (FSA) measures the cumulative difference between actual contributions and the minimum required contributions. If actual contributions exceed the minimum required contributions, the excess is called the credit balance. If actual contributions fall short of the minimum required contributions, a funding deficiency occurs. The Pension Protection Act of 2006 (PPA 06) called on plan sponsors to actively monitor the projected FSA credit balance, the funded percentage (the ratio of the actuarial value of assets to the present value of benefits earned to date) and cash flow sufficiency. Based on these measures, plans are then categorized as critical (Red Zone), endangered (Yellow Zone), or neither (Green Zone). The Multiemployer Pension Reform Act of 2014 (MPRA), among other things, made the zone provisions permanent. Pension plan funding anticipates that, over the long term, both contributions and investment earnings will be needed to cover benefit payments and expenses. To the extent that contributions are less than benefit payments, investment earnings and fund assets will be needed to cover the shortfall. In some situations, a plan may be faced with insufficient assets to cover its current obligations and may need assistance from the Pension Benefit Guaranty Corporation (PBGC). MPRA provides options for some plans facing insolvency. The Scheduled Cost is an annual amount based on benefit levels and assets that allows a comparison to current contribution levels, given the expectation of a continuing Plan. ERISA provides for assessment of withdrawal liability to employers who withdraw from a multiemployer plan based on unfunded vested benefit liabilities. 4

5 Important Information about Actuarial Valuations An actuarial valuation is a budgeting tool with respect to the financing of future uncertain obligations of a pension plan. As such, it will never forecast the precise future contribution requirements or the precise future stream of benefit payments. In any event, it is an estimated forecast the actual cost of the plan will be determined by the benefits and expenses paid, not by the actuarial valuation. In order to prepare a valuation, Segal Consulting ( Segal ) relies on a number of input items. These include: Plan Provisions Participant Information Financial Information Actuarial Assumptions Plan provisions define the rules that will be used to determine benefit payments, and those rules, or the interpretation of them, may change over time. Even where they appear precise, outside factors may change how they operate. For example, a plan may require the award of a Social Security disability pension as a condition for receiving a disability pension from the plan. If so, changes in the Social Security law or administration may change the plan s costs without any change in the terms of the plan itself. It is important for the Trustees to keep Segal informed with respect to plan provisions and administrative procedures, and to review the plan summary included in our report to confirm that Segal has correctly interpreted the plan of benefits. An actuarial valuation for a plan is based on data provided to the actuary by the plan. Segal does not audit such data for completeness or accuracy, other than reviewing it for obvious inconsistencies compared to prior data and other information that appears unreasonable. For most plans, it is not possible nor desirable to take a snapshot of the actual workforce on the valuation date. It is not necessary to have perfect data for an actuarial valuation: the valuation is an estimated forecast, not a prediction. The uncertainties in other factors are such that even perfect data does not produce a perfect result. Notwithstanding the above, it is important for Segal to receive the best possible data and to be informed about any known incomplete or inaccurate data. Part of the cost of a plan will be paid from existing assets the balance will need to come from future contributions and investment income. The valuation is based on the asset values as of the valuation date, typically reported by the auditor. Some plans include assets, such as private equity holdings, real estate, or hedge funds, that are not subject to valuation by reference to transactions in the marketplace. A snapshot as of a single date may not be an appropriate value for determining a single year s contribution requirement, especially in volatile markets. Plan sponsors often use an actuarial value of assets that differs from market value to gradually reflect year-to-year changes in the market value of assets in determining the contribution requirements. In preparing an actuarial valuation, Segal starts by developing a forecast of the benefits to be paid to existing plan participants for the rest of their lives and the lives of their beneficiaries. This requires actuarial assumptions as to the probability of death, disability, withdrawal, and retirement of participants in each year, as well as forecasts of the plan s benefits for each of those events. The forecasted benefits are then discounted to a present value, typically based on an estimate of the rate of return that will be achieved on the plan s assets. All of these factors are uncertain and unknowable. Thus, there will be a range of reasonable assumptions, and the results may vary materially based on which assumptions the actuary selects within that range. That is, there is no right answer (except with hindsight). It is important for any user of an actuarial valuation to understand and accept this constraint. The actuarial model may use approximations and estimates that will have an immaterial impact on our results and will have no impact on the actual cost of the plan (the total of benefits and expenses paid out over time). In addition, the actuarial assumptions may change over time, and while this can have a significant impact on the reported results, it does not mean that the previous assumptions or results were unreasonable or wrong. 5

6 Given the above, the user of Segal s actuarial valuation (or other actuarial calculations) needs to keep the following in mind: The actuarial valuation is prepared for use by the Trustees. It includes information for compliance with federal filing requirements and for the plan s auditor. Segal is not responsible for the use or misuse of its report, particularly by any other party. An actuarial valuation is a measurement at a specific date it is not a prediction of a plan s future financial condition. Accordingly, Segal did not perform an analysis of the potential range of financial measurements, except where otherwise noted. Actuarial results in this report are not rounded, but that does not imply precision. Critical events for a plan include, but are not limited to, decisions about changes in benefits and contributions. The basis for such decisions needs to consider many factors such as the risk of changes in employment levels and investment losses, not just the current valuation results. ERISA requires a plan s enrolled actuary to provide a statement for inclusion in the plan s annual report disclosing any event or trend that the actuary has not taken into account, if, to the best of the actuary s knowledge, such an event or trend may require a material increase in plan costs or required contribution rates. If the Trustees are currently aware of any event that was not considered in this valuation and that may materially increase the cost of the Plan, they must advise Segal, so that we can evaluate it and take it into account. A certification of zone status under PPA 06 is a separate document from the actuarial valuation. Segal does not provide investment, legal, accounting, or tax advice. This valuation is based on Segal s understanding of applicable guidance in these areas and of the plan s provisions, but they may be subject to alternative interpretations. The Trustees should look to their other advisors for expertise in these areas. While Segal maintains extensive quality assurance procedures, an actuarial valuation involves complex computer models and numerous inputs. In the event that an inaccuracy is discovered after presentation of Segal s valuation, Segal may revise that valuation or make an appropriate adjustment in the next valuation. Segal s report shall be deemed to be final and accepted by the Trustees upon delivery and review. Trustees should notify Segal immediately of any questions or concerns about the final content. As Segal Consulting has no discretionary authority with respect to the management or assets of the Plan, it is not a fiduciary in its capacity as actuaries and consultants with respect to the Plan. 6

7 ACTUARIAL VALUATION OVERVIEW Participant Information Plan Provisions Financial Information Experience Actuarial Assumptions Actuarial Modeling Zone Information Funding Standard Account Scheduled Cost Disclosures Withdrawal Liability Solvency Projections 7

8 Section 1: Actuarial Valuation Summary Summary of Key Valuation Results Certified Zone Status Green Green Demographic Data: Number of active participants 3,755 3,860 Number of inactive participants with vested rights 4,165 4,219 Number of retired participants and beneficiaries 2,094 2,231 Average projected annual compensation per active participant $66,828 $68,508 Assets: Market value of assets (MVA) $815,565,533 $817,939,566 Actuarial value of assets (AVA) 863,553, ,186,594 AVA as a percent of MVA 105.9% 111.3% Statutory Funding Information: Minimum required contribution $0 $0 Maximum deductible contribution 1,249,547,771 1,384,388,393 Annual Funding Notice percentage 101.0% 101.3% FSA deficiency projected in Plan Year beginning No deficiency No deficiency Percent of Payroll Percent of Payroll Amount Amount Scheduled Cost and Employer Contributions: Projected contributions $50,187, % $52,887, % Scheduled Cost 1 47,575, % 51,964, % Margin/(Deficit) 2,611, % 923, % Actual contributions 52,648, Cost Elements on a Scheduled Cost Basis: Normal cost, including administrative expenses $27,267,788 $29,167,630 Actuarial accrued liability 1,018,041,621 1,074,979,999 Actuarial value of Assets 2 864,286, ,318,910 Unfunded actuarial accrued liability (based on AVA) 153,754, ,661,089 Withdrawal Liability: Present value of vested benefits $1,195,219,793 $1,273,284,035 Unfunded present value of vested benefits (based on MVA) 379,654, ,344,469 1 Based on the Trustees election to reset the amortization period from 8 years remaining to 12 years as of January 1, Includes present value of long-term receivable contributions excluded for minimum funding purposes. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 8

9 This January 1, 2016 actuarial valuation report is based on financial and demographic information as of that date. Changes subsequent to that date are not reflected unless specifically identified, and will affect future results. Segal is prepared to work with the Trustees to analyze the effects of any subsequent developments. The current year s actuarial valuation results follow. A. Developments Since Last Valuation 1. The rate of return on the market value of plan assets was -0.6% for The rate of return on the actuarial value of assets was 4.6%. Given the low fixed income interest rate environment, target asset allocation and expectations of future investment returns for various asset classes, we will continue to monitor the Plan s actual and anticipated investment returns relative to the assumed 7.5% long-term rate of return on investments. 2. There were no changes in the plan of benefits during The following actuarial assumptions were changed with this valuation and overall caused less than a 0.1% increase in the Plan s actuarial accrued liabilities. These changes are also effective for purposes of withdrawal liability calculated as of December 31, The generational projection scale on the assumed healthy and disabled life mortality tables was changed from the 2014 Social Security Administration (SSA) scale to the 2016 SSA scale. The retirement rates for active participants eligible for unreduced early retirement were changed from 10% to 15% for ages 50 through 54. The retirement rates for terminated vested participants were changed from 60% at the age when first eligible for an unreduced benefit, 30% each year thereafter, and 100% at age 65 to 7.5% at the age when first eligible to retire, 7.5% each year thereafter, and 100% at the age when first eligible for an unreduced benefit. The assumed annual inflation increase in the IRC Section 415 limits was changed from 2.75% to 2.5%. The assumed annual administrative expenses payable as of the beginning of the year were increased from $1,300,000 to $1,700,000. The increase in assumed expenses is based on information provided by the Fund Office, including actual expenses paid during 2016 and the budget for The Scheduled Cost amortization period was reset by the Trustees from eight years remaining to 12 years as of January 1, There are 11 years remaining as of January 1, The 2016 certification, issued on March 28, 2016, based on the liabilities calculated in the 2015 actuarial valuation, projected to December 31, 2015, and estimated asset information as of December 31, 2015, classified the Plan as neither endangered nor critical (that is, in the Green Zone) because the funded percentage was 100.6% and the credit balance in the FSA was projected to be positive for at least seven years. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 9

10 B. Funded Percentage and Funding Standard Account 1. As of January 1, 2016, the funded percentage is 101.3%. This will be reported on the 2016 Annual Funding Notice. 2. The credit balance in the Funding Standard Account (FSA) as of December 31, 2015 was $135,993,846, an increase of $5,629,606 from the prior year. 3. We are available to work with the Trustees to develop credit balance projections. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 10

11 C. Scheduled Cost 1. Projected annual contributions of $52,887,935 (20% of covered payroll) exceed the Scheduled Cost of $51,964,309 (19.7% of covered payroll), resulting in a margin of $923,626, or 0.3% of covered payroll. The January 1, 2015 valuation (after reflecting the Scheduled Cost amortization period reset) showed a margin of 1.0% of covered payroll. This slight decrease in the margin is primarily due to the actuarial investment loss during Investment experience in the past years has only been partially recognized in the determination of the actuarial value of assets. As the deferred net loss is recognized in future years, the Scheduled Cost of the Plan is likely to increase unless the net loss is offset by future experience gains. To illustrate the effect of the net unrecognized investment loss, if the current year s actuarial value of assets were equal to the current market value of assets, the Scheduled Cost would increase to $64,160,476 (24.3% of covered payroll), resulting in a deficit of $11,272,541, or 4.3% of payroll. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 11

12 D. Withdrawal Liability 1. The unfunded present value of vested benefits for withdrawal liability purposes (UVB) is $455,344,469 (using the assumptions outlined in Section 2: Withdrawal Liability Assumptions). 2. Compared to $379,654,260 as of the prior year, the increase of $75,690,209 is primarily due to a $65.9 million investment loss on the market value of assets. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 12

13 Comparison of Funded Percentages Funded Percentages as of January Liabilities Assets 1. Present Value of Future Benefits 73.3% 73.3% $1,243,700,706 $911,318, Actuarial Accrued Liability 84.9% 84.8% 1,074,979, ,318, PPA 06 Liability and Annual Funding Notice 101.0% 101.3% 898,338, ,186, Accumulated Benefits Liability 95.4% 91.1% 898,338, ,939, Withdrawal Liability 68.2% 64.2% 1,273,284, ,939, Current Liability 56.1% 52.0% 1,573,260, ,939,566 Notes: 1. The value of benefits earned through the valuation date (accrued benefits) plus the value of benefits projected to be earned in the future for current participants. Used to develop the actuarial accrued liability, based on the long-term funding investment return assumption of 7.50% and the actuarial value of assets on a Scheduled Cost basis. The funded percentage using market value of assets is 69.3% for 2015 and 65.9% for The portion of the present value of future benefits allocated by the actuarial cost method to years prior to the valuation date. Used in determining Scheduled Cost, based on the long-term funding investment return assumption of 7.50% and the actuarial value of assets on a Scheduled Cost basis. The funded percentage using market value of assets is 80.2% for 2015 and 76.2% for The present value of benefits earned through the valuation date (accrued benefits) defined by PPA 06, based on the long-term funding investment return assumption of 7.50% and compared to the actuarial value of assets on a minimum funding basis. 4. The present value of accrued benefits for disclosure in the audited financial statements, based on long-term funding investment return assumption of 7.50%, and compared to the market value of assets. 5. The present value of vested benefits for withdrawal liability purposes, based on the blended interest rate and other assumptions described in Section 2: Withdrawal Liability Assumptions, the present value of vested benefits, and compared to the market value of assets. 6. The present value of accrued benefits based on a government-prescribed mortality table and investment return assumption of 3.51% for 2015 and 3.28% for 2016, and compared to the market value of assets. Used to develop the maximum tax-deductible contribution and shown on the Schedule MB if less than 70%. Disclosure: These measurements are not necessarily appropriate for assessing the sufficiency of Plan assets to cover the estimated cost of settling the Plan s benefit obligations or the need for or the amount of future contributions. Section 1: Actuarial Valuation Summary as of January 1, 2016 for the SEIU Affiliates Officers and 13

14 Section 2: Actuarial Valuation Results Participant Information This actuarial valuation is based on demographic data as of January 1, There are 3,860 active participants in the current valuation, compared to 3,755 in the prior valuation. The ratio of non-actives to actives has been increasing since 2009, but has remained level (at about 1.7) for two years. More details on the historical information are included in Section 3, Exhibits A and B. POPULATION AS OF JANUARY 1 RATIO OF NON-ACTIVES TO ACTIVES AS OF JANUARY 1 4, , , , ,500 2, , , Active Inactive Vested In Pay Status Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 14

15 Active Participants There were 3,860 active participants this year, an increase of 2.8% compared to 3,755 in the prior year. The age and service distribution is included in Section 4, Exhibit 6. Distribution of Active Participants as of January 1, ACTIVES BY AGE 1,400 ACTIVES BY YEARS OF BENEFIT SERVICE 600 1, , Average age 44.2 Average years of benefit service 7.5 Prior year average age 44.5 Prior year average years of benefit service 7.3 Difference -0.3 Difference 0.2 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 15

16 Inactive Vested Participants A participant who is not currently active and has satisfied the requirements for, but has not yet commenced, a pension is considered an inactive vested participant. There were 4,219 inactive vested participants this year, an increase of 1.3% compared to 4,165 last year. We have assumed that inactive vested participants over age 80 are deceased and will not claim their benefits. Therefore, they are excluded from the valuation. There are 22 inactive vested participants currently over age Distribution of Inactive Vested Participants as of January 1, 2016 INACTIVE VESTEDS BY AGE 1,400 1,200 1, INACTIVE VESTEDS BY MONTHLY AMOUNT Average age 49.5 Average amount $551 Prior year average age 49.8 Prior year average amount $545 Difference -0.3 Difference $6 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 16

17 New Pensions Awarded The average monthly pension awarded during 2015 was $1,253 after adjustment for optional forms of payment. The 2015 average pension amount is at the lowest level in the last ten years. Year Ended Dec 31 Number Total Normal Early Disability Average Amount Number Average Amount Number Average Amount Number Average Amount $1, $1, $2,097 5 $1, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,692 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 17

18 Pay Status Information January 1, 2015 vs. January 1, ,808 pensioners and 284 beneficiaries 1,904 pensioners and 308 beneficiaries $3,478,316 total monthly benefits received $3,628,719 total monthly benefits received Distribution of Pensioners as of January 1, PENSIONERS BY TYPE AND BY AGE 600 PENSIONERS BY TYPE AND MONTHLY AMOUNT Normal Early Disability Normal Early Disability Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 18

19 Progress of Pension Rolls Over the Past Ten Years Termination include retirees who died or were suspended during the prior year. Additions include new retirees and suspended retirees who were reinstated. The number of retirees in 2010 includes 246 due to the merger with the CSEA Retirement Plan. Year Number IN PAY STATUS AT YEAR END Average Age Average Amount Terminations Additions $1, , , , , , , , , , , , , , , , , , Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 19

20 Financial Information Benefits and expenses are funded solely from contributions and investment earnings. Additional detail is in Section 3, Exhibit C. For the most recent year, benefit payments and expenses were 90% of contributions. Contributions in 2010 include $71.3 million due to the merger with the CSEA Retirement Plan. For years prior to 2015, employer contributions are net of expenses. COMPARISON OF EMPLOYER CONTRIBUTIONS WITH BENEFITS AND EXPENSES PAID $ Millions Contributions Expenses Benefits Paid Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 20

21 Determination of Actuarial Value of Assets The asset valuation method gradually recognizes annual market value fluctuations to help mitigate volatility in the actuarial cost calculations. Less volatility in the actuarial cost better aligns with a fixed contribution rate. 1 Market value of assets, December 31, 2015 $817,939,566 1 Original Unrecognized 2 Calculation of unrecognized return Amount 2 Return 3 (a) Year ended December 31, $69,499,951 -$52,124,964 (b) Year ended December 31, ,929,986-8,464,993 (c) Year ended December 31, ,486,419 10,621,605 (d) Year ended December 31, ,535,537 0 (e) Year ended December 31, ,393,379-42,278,676 (f) Total unrecognized return -$92,247,028 3 Preliminary actuarial value: (1) - (2f) 910,186,594 4 Adjustment to be within 20% corridor 0 5 Final actuarial value of assets as of December 31, 2015: (3) + (4) 910,186,594 6 Actuarial value as a percentage of market value: (5) (1) 111.3% 7 Amount deferred for future recognition: (1) - (5) -$92,247,028 1 Excludes $1,132,316 of long-term receivable contributions shown in the audit report 2 Total return on market value basis minus expected return on an actuarial basis using the net investment return assumption 3 Recognition at 10% per year over 10 years for year ended December 31, 2008, and 25% per year over four years for remaining years Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 21

22 Asset History for Years Ended December 31 Both the actuarial value and the market value of assets are representations of the Plan s financial status. The actuarial value is significant because it is subtracted from the Plan s total actuarial accrued liability to determine the portion that is not funded and is used to determine the PPA 06 funded percentages. Amortization of the unfunded accrued liability is an important element in the contribution requirements of the Plan. ACTUARIAL VALUE OF ASSETS VS. MARKET VALUE OF ASSETS 1, $ Millions Actuarial Value Market Value Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 22

23 Actuarial Experience Assumptions should reflect experience and should be based on reasonable expectations for the future. Each year actual experience is compared to that projected by the assumptions. Differences are reflected in the contribution requirement as an experience gain or loss. Assumptions are not changed if experience is believed to be a short-term development and that, over the long run, experience will return to assumed levels. The net experience variation for the year, other than investment experience, was 0.3% of the projected actuarial accrued liability from the prior valuation, and was not significant when compared to that liability. EXPERIENCE FOR THE YEAR ENDED DECEMBER 31, Net loss from investments -$25,241,333 2 Net loss from administrative expenses -215,372 3 Net gain from other experience 2,954,717 4 Net experience loss: $22,501,988 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 23

24 Actuarial Value Investment Experience Net investment income consists of expected investment income at the actuarially assumed rate of return, and an adjustment for market value changes. Investment expenses are subtracted. The actuarial value of assets does not yet fully recognize past investment gains and losses, which will affect future actuarial investment returns. INVESTMENT EXPERIENCE FOR THE YEAR ENDED DECEMBER 31, Net investment income $39,761,412 2 Average actuarial value of assets 866,703,261 3 Rate of return: % 4 Assumed rate of return 7.50% 5 Expected net investment income: 2 x 4 $65,002,745 6 Actuarial loss: 1-5 -$25,241,333 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 24

25 Historical Investment Returns Actuarial planning is long term. The obligations of a pension plan are expected to continue for the lifetime of all its participants. The 7.5% assumed long-term rate of return considers past experience, the Trustees asset allocation policy and future expectations. 30% 20% 10% 0% -10% -20% MARKET VALUE AND ACTUARIAL RATES OF RETURN FOR YEARS ENDED DECEMBER 31-30% Actuarial Value Market Value Average Rates of Return Actuarial Value Market Value Most recent year return: 4.59% -0.55% Most recent five-year average return: 5.46% 5.87% Most recent ten-year average return: 5.40% 4.25% 20-year average return: 6.45% 5.50% Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 25

26 Non-Investment Experience Administrative Expenses Administrative expenses for the year ended December 31, 2015 totaled $1,559,949, compared to the assumption of $1,300,000. Retirement Experience Retirement experience (earlier or later than projected) produces actuarial gains or losses. Recent experience for active participants eligible for unreduced benefits has shown more retirements between ages 50 and 55. Recent experience has also shown that terminated vested participants retire at ages before eligibility for an unreduced benefit. Mortality Experience Mortality experience (more or fewer than expected deaths) yields actuarial gains or losses. The average number of deaths for nondisabled pensioners over the past five years was 53.0 per year compared to 48.8 projected deaths per year. The average number of deaths for disabled pensioners over the past five years was 2.4 per year compared to 2.4 projected deaths per year. Other Experience Other differences between projected and actual experience include the extent of turnover among the participants, salary increases more or less than projected, retirement experience (earlier or later than projected), and the number of disability retirements. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 26

27 Actuarial Assumptions The assumption changes are: The generational projection scale on the assumed healthy and disabled life mortality tables was updated from the 2014 Social Security Administration (SSA) scale to the 2016 SSA scale. The retirement rates for active participants eligible for unreduced early retirement were changed from 10% to 15% for ages 50 through 54. The retirement rates for terminated vested participants were changed from 60% at the age when first eligible for an unreduced benefit, 30% each year thereafter, and 100% at age 65 to 7.5% at the age when first eligible to retire, 7.5% each year thereafter, and 100% at the age when first eligible for an unreduced benefit. The assumed annual inflation increase in the IRC Section 415 limits was changed from 2.75% to 2.5%. The assumed annual administrative expenses payable as of the beginning of the year were increased from $1,300,000 to $1,700,000. The increase in assumed expenses is based on information provided by the Fund Office, including actual expenses paid during 2016 and the budget for These changes increased the actuarial accrued liability by 0.08% and increased the normal cost by 1.06%. Details on actuarial assumptions and methods are in Section 4, Exhibit 8. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 27

28 Plan Provisions There were no changes in plan provisions since the prior valuation. A summary of plan provisions is in Section 4, Exhibit 9. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 28

29 Pension Protection Act of Actuarial Status Certification PPA 06 requires trustees to actively monitor their plans financial prospects to identify emerging funding challenges so they can be addressed effectively. Details are shown in Section 3, Exhibit H. The 2016 certification, completed on March 28, 2016, was based on the liabilities calculated in the January 1, 2015 actuarial valuation projected to December 31, 2015, and estimated asset information as of December 31, The Trustees provided an industry activity assumption of 3,821 active participants in 2016 and 3,783 active participants in 2017 and each year thereafter. This Plan was classified as neither endangered nor critical (that is, in the Green Zone) because the funded percentage was 100.6% and the credit balance in the Funding Standard Account was projected to be positive for at least seven years. Year Zone Status 2008 Green 2009 Green 2010 Green 2011 Green 2012 Green 2013 Green 2014 Green 2015 Green 2016 Green Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 29

30 Funding Standard Account (FSA) On December 31, 2015, the FSA had a credit balance of $135,993,846, as shown on the 2015 Schedule MB. Contributions meet the legal requirement on a cumulative basis if that account shows no deficiency. The minimum funding requirement for the year beginning January 1, 2016 is $0. Contributions projected for the year beginning January 1, 2016 are $52,887,935. The credit balance is projected to increase by approximately $1.7 million to $137.7 million as of December 31, A summary of the ERISA minimum funding requirements and the FSA for the year ended December 31, 2015 is included in Section 3, Exhibit F. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 30

31 PPA 06 Funded Percentage Historical Information 1, PRESENT VALUE OF ACCRUED BENEFITS (PVAB) VS. ACTUARIAL VALUE OF ASSETS AS OF JANUARY 1 $ Millions PVAB Actuarial Value of Assets PPA 06 FUNDED PERCENTAGE AS OF JANUARY 1 140% 135% 130% 125% 120% 115% 110% 105% 100% 95% 101.0% 101.3% Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 31

32 Scheduled Cost The Scheduled Cost is an annual contribution objective, reflecting benefit levels and current assets that is compared to projected contributions to assess the Plan s long-term financial position. As of January 1, 2016, the unfunded actuarial accrued liability totaled $163,661,089 (actuarial accrued liability of $1,074,979,999 less assets of $911,318,910). Simply avoiding an FSA funding deficiency is not a stable basis for funding the Plan. The Scheduled Cost uses a single amortization schedule for the total unfunded actuarial accrued liability, rather than the ERISA minimum funding approach. The Scheduled Cost amortization schedule adopted by the Trustees was revised from 8 years to 12 years, beginning January 1, The remaining amortization period is 11 years on January 1, The actuarial assumptions used for Scheduled Cost that differ from those used for the minimum funding are: The annual mandated benefit limit and contribution limit are assumed to increase 2.5% per year The Scheduled Cost assets include the long-term receivable contribution of $1,132,316 that has been excluded for minimum funding purposes Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 32

33 Scheduled Cost and Reconciliation Year Beginning January 1 Cost Element Normal cost $25,967,788 $27,467,630 Administrative expenses 1,300,000 1,700,000 Amortization of the unfunded actuarial accrued liability 18,490,310 20,811,216 Adjustment for monthly payments 1,817,789 1,985,463 Annual Scheduled Cost, payable monthly $47,575,887 $51,964,309 Annual Scheduled Cost (% of payroll) 19.0% 19.7% % 4% 3% 53% Scheduled Cost as of January 1, 2015 $53,739,781 Adjustment to reflect amortization period change (8 years to 12 years) -6,163,894 Revised Scheduled Cost as of January 1, ,575,887 Effect of change in administrative expense assumption 415,890 Effect of change in other actuarial assumptions 361,162 Effect of contributions more than Scheduled Cost -696,486 Effect of investment loss 3,337,208 Net effect of other changes, including composition and number of participants 970,648 Total change $4,388,422 Scheduled Cost as of January 1, 2016 $51,964,309 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 33

34 Scheduled Cost vs. Contribution Projected employer contributions of $52,887,935 are based on a contribution rate of 20% of payroll, estimated at $264,439,673 for This exceeds the Scheduled Cost of $51,964,309 (19.7% of payroll) by $923,626, or 0.3% of payroll. Scheduled Cost Projected Contributions Normal Cost Expenses Amortization of UAL 10.8% 0.7% 8.2% 0.3% of payroll margin 20.0% Prior net investment losses are not fully recognized in the actuarial value of assets. Using the current market value of assets, the Scheduled Cost would be $64,160,476 (24.3% of payroll), resulting in a deficit of 4.3% of payroll. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 34

35 Scheduled Cost vs. Projected Contributions Historical Information The margin or deficit is represented by the difference between projected contributions and the Scheduled Cost $ Millions Scheduled Cost Projected Contributions Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 35

36 Risk Since the actuarial valuation results depend on a given set of assumptions, there is a risk that emerging results may differ significantly as actual experience proves to be different from the assumptions. We have not been engaged to perform a detailed analysis of the potential range of future measurements. However, we have included a brief discussion of some risks that may affect the Plan. Investment Risk (the risk that returns will be different than expected) Investment losses increase Plan costs. The probability of the Plan experiencing investment losses depends on, among other things, the asset classes in which the Fund is invested. These asset classes are also a key metric that we use to set the long-term discount rate assumption. One method of protecting against investment risk is to lower the long-term discount rate assumption, thus decreasing the likelihood of such losses while increasing the liabilities of the Plan. We continue to monitor the current 7.5% assumption. Longevity Risk (the risk that mortality experience will be different than expected) Any year in which participants live longer that projected produces a loss to the Plan. One safeguard against this risk is the continued monitoring and updating of the assumed mortality of the Plan participants as well as the assumed future mortality improvement. We have updated these assumptions in the past two valuations and continue to monitor them. Demographic Risk (the risk that participant experience will be different than assumed) Examples of this risk include: Actual retirements occurring earlier or later than assumed. More or less active participant turnover than assumed. Return to covered employment of previously inactive participants. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 36

37 Withdrawal Liability As of December 31, 2015, the actuarial present value of vested plan benefits for withdrawal liability purposes is $1,273,284,035. This figure reflects the assumption changes effective January 1, For purposes of determining the present value of vested benefits, we excluded all benefits that are not protected by IRC Section 411(d)(6), including lump sum benefits. As a result of MPRA, we now include the value of the qualified pre-retirement spousal survivor annuities. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 37

38 Unfunded Present Value of Vested Benefits For Withdrawal Liability Purposes The $75.7 million increase in the unfunded present value of vested benefits from the prior year is primarily due to a $65.9 million investment loss on the market value of assets. December Present value of vested benefits (PVVB) measured as of valuation date $1,195,219,793 $1,273,284,035 2 Market value of assets 815,565, ,939,566 3 Unfunded present value of vested benefits (UVB): 1-2, not less than $0 $379,654,260 $455,344,469 Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 38

39 Withdrawal Liability Assumptions The actuarial assumptions and methods are reasonable (taking into account the experience of the Plan and reasonable expectations) and, in combination, represent the actuary s best estimate of anticipated experience under the Plan to determine the unfunded vested benefits for withdrawal liability purposes. The interest rate is based on a blend, which includes rates selected based on estimated annuity purchase rates for benefits being settled, because withdrawal liability is a final settlement of an employer s obligations to the Plan. For benefits that could be settled immediately, because assets on hand are sufficient, the annuity purchase rates are those promulgated by PBGC under ERISA Sec for multiemployer plans terminating by mass withdrawal on the measurement date. For benefits that cannot be settled immediately because they are not currently funded, the calculation uses rates equal to the interest rate used for plan funding calculations. Interest Administrative Expenses Mortality Retirement Rates For liabilities up to market value of assets, 2.46% for 20 years and 2.98% beyond (3.10% for 20 years and 3.29% beyond, in the prior year valuation). For liabilities in excess of market value of assets, same as used for plan funding as of January 1, 2016 (the corresponding funding rate as of a year earlier was used for the prior year s value). Calculated as prescribed by PBGC formula (29 CFR Part 4044, Appendix C); not applicable to those liabilities determined using funding interest rates. Same as used for plan funding as of January 1, 2016 (the corresponding mortality rates as of a year earlier were used for the prior year s value) Same as used for plan funding as of January 1, 2016 (the corresponding retirement rates as of a year earlier were used for the prior year s value) Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 39

40 Disclosure Requirements Annual Funding Notice The actuarial information to be provided in the annual funding notice is shown in Section 3, Exhibit E. The value of plan benefits earned to date as of January 1, 2016 is $898,338,239 using the long-term funding interest rate of 7.5%. As the actuarial value of assets is $910,186,594, the Plan s funded percentage is 101.3%, compared to 101.0% in the prior year. Current Liability The Plan s current liability as of January 1, 2016 is $1,573,260,657 using an interest rate of 3.28%. As the market value of assets is $817,939,566, the funded current liability percentage is 52.0%. This is required to be disclosed on the 2016 Schedule MB of IRS Form 5500 since it is less than 70%. Details are shown in Section 4, Exhibit 3. Accounting Information The Financial Accounting Standards Board (FASB) requires determination of the present value of accumulated plan benefits - the single-sum value of the benefits, vested or not, earned by participants as of the valuation date. Additional details on the present value of the accumulated plan benefits can be found in Section 4, Exhibit 2. Section 2: Actuarial Valuation Results as of January 1, 2016 for the SEIU Affiliates Officers and 40

41 Section 3: Supplementary Information Active participants in valuation: EXHIBIT A - TABLE OF PLAN COVERAGE January 1 Category Change from Prior Year Number 3,755 3, % Average age Average years of benefit service Average compensation $66,828 $68, % Number with unknown age % Total active vested participants 2,800 2, % Common Service employees % Inactive participants with rights to a pension: Number 4,165 4, % Average age Average estimated monthly benefit $545 $ % Pensioners: Number in pay status 1,808 1, % Average age Average monthly benefit $1,736 $1, % Number in suspended status % Beneficiaries: Number in pay status % Average age Average monthly benefit $1,193 $1, % Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 41

42 January 1 EXHIBIT B - PARTICIPANT POPULATION Active Participants Inactive Vested Participants Pensioners and Beneficiaries Ratio of Non-Actives to Actives ,122 2,591 1, ,230 2,847 1, ,668 3,010 1, ,477 3,242 1, ,851 3,351 1, ,979 3,538 1, ,897 3,755 1, ,807 3,953 2, ,755 4,165 2, ,860 4,219 2, Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 42

43 EXHIBIT C - SUMMARY STATEMENT OF INCOME AND EXPENSES ON AN ACTUARIAL BASIS Year Ended December 31, 2014 Year Ended December 31, 2015 Contribution income: Employer contributions $44,659,040 $52,648,126 Less administrative expenses -1,394,976-1,559,949 Net contribution income $43,264,064 $51,088,177 Other Income 25,000 28,905 Investment income: Expected investment income $61,820,910 $65,002,745 Adjustment toward market value -21,858,281-24,114,260 Less investment fees -844,844-1,127,073 Net investment income 39,117,785 39,761,412 Total income available for benefits $82,406,849 $90,878,494 Less benefit payments -$42,998,565 -$44,245,843 Change in actuarial asset method $0 $0 Change in reserve for future benefits $39,408,284 $46,632,651 Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 43

44 Year Ended EXHIBIT D - INVESTMENT RETURN ACTUARIAL VALUE VS. MARKET VALUE Projected Investment Income Recognition of Market Value Gains (Losses) Change in Asset Method Actuarial Value Investment Return Market Value Investment Return December 31 Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent 1996 $13,825, % $9,176, % $23,001, % $26,457, % ,756, % 16,780, % ,536, % 45,522, % ,455, % 16,230, % ,685, % 40,213, % ,316, % 10,139, % $21,705, % 53,160, % 22,864, % ,494, % 8,097, % ,592, % 9,052, % ,021, % -5,009, % ,012, % 3,651, % ,990, % -22,748, % ,242, % -20,480, % ,816, % -17,069, % ,746, % 53,821, % ,250, % -11,626, % ,623, % 37,579, % ,371, % -6,059, % ,312, % 32,269, % ,155, % 12,634, % ,789, % 61,460, % ,609, % 6,952, % ,562, % 41,890, % ,782, % -115,482, % ,700, % -165,610, % ,409, % 14,378, % ,787, % 57,930, % ,501, % 10,264, % ,765, % 55,351, % ,482, % -20,736, % ,745, % -3,864, % ,762, % 2,241, % ,004, % 66,204, % ,780, % -16,508, % ,272, % 101,266, % ,820, % -22,703, % ,117, % 44,890, % ,002, % -25,241, % ,761, % -4,497, % Total $758,605,891 -$156,289,923 $21,705,100 $624,021,069 $505,973,466 Most recent five-year average return: 5.46% 5.87% Most recent ten-year average return: 5.40% 4.25% 20-year average return: 6.45% 5.50% Note: Each year s yield is weighted by the average asset value in that year. Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 44

45 EXHIBIT E - ANNUAL FUNDING NOTICE FOR PLAN YEAR BEGINNING JANUARY 1, 2016 AND ENDING DECEMBER 31, Plan Year 2015 Plan Year 2014 Plan Year Actuarial valuation date January 1, 2016 January 1, 2015 January 1, 2014 Funded percentage 101.3% 101.0% 101.9% Value of assets $910,186,594 $863,553,943 $824,145,659 Value of liabilities 898,338, ,287, ,809,176 Fair market value of assets as of plan year end Not available 817,939, ,565,533 Critical or Endangered Status The Plan was not in endangered or critical status in the plan year. Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 45

46 EXHIBIT F - FUNDING STANDARD ACCOUNT ERISA imposes a minimum funding standard that requires the Plan to maintain a Funding Standard Account (FSA). The accumulation of contributions in excess of the minimum required contributions is called the credit balance. If actual contributions fall short on a cumulative basis, a funding deficiency has occurred. For a plan that is in critical status under PPA 06, employers will generally not be penalized if a funding deficiency develops, provided the parties fulfill their obligations in accordance with the Rehabilitation Plan developed by the Trustees and the negotiated bargaining agreements reflect that Rehabilitation Plan. The FSA is charged with the normal cost and the amortization of increases or decreases in the unfunded actuarial accrued liability due to plan amendments, experience gains or losses, and changes in actuarial assumptions and funding methods. The FSA is credited with employer contributions and withdrawal liability payments. All items, including the prior credit balance or deficiency, are adjusted with interest at the actuarially assumed rate. Increases or decreases in the unfunded actuarial accrued liability are amortized over 15 years except that short-term benefits, such as 13 th checks, are amortized over the scheduled payout period. The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) allowed eligible plans such as this one to amortize certain losses over periods up to 29 years. Beginning in 2009, the FSA reflects the Trustees election to extend the amortization of the 2008 investment losses. FSA FOR THE YEAR ENDED DECEMBER 31, 2015 Charges Credits 1 Prior year funding deficiency $0 6 Prior year credit balance $130,364,240 2 Normal cost, including administrative expenses 26,495,035 7 Employer contributions 52,648,126 3 Total amortization charges 38,794,844 8 Total amortization credits 10,773,026 4 Interest to end of the year 4,896,741 9 Interest to end of the year 12,395,074 5 Total charges $70,186, Full-funding limitation credit 0 11 Total credits $206,180,466 Credit balance: 11-5 $135,993,846 Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 46

47 EXHIBIT G - MAXIMUM DEDUCTIBLE CONTRIBUTION Employers that contribute to defined benefit pension plans are allowed a current deduction for payments to such plans. There are various measures of a plan s funded level that are considered in the development of the maximum deductible contribution amount. One of the limits is the excess of 140% of current liability over assets. Current liability is one measure of the actuarial present value of all benefits earned by the participants as of the valuation date. This limit is significantly higher than the current contribution level. Contributions in excess of the maximum deductible amount are not prohibited; only the deductibility of these contributions is subject to challenge and may have to be deferred to a later year. In addition, if contributions are not fully deductible, an excise tax in an amount equal to 10% of the non-deductible contributions may be imposed. However, the plan sponsor may elect to exempt the nondeductible amount up to the ERISA full-funding limitation from the excise tax. The Trustees should review the interpretation and applicability of all laws and regulations concerning any issues as to the deductibility of contribution amounts with Fund Counsel. 1 Normal cost, including administrative expenses $28,294,121 2 Amortization of unfunded actuarial accrued liability 25,899,452 3 Preliminary maximum deductible contribution: 1 + 2, with interest to the end of the plan year $58,258,091 4 Full-funding limitation (FFL) 561,939,866 5 Preliminary maximum deductible contribution, adjusted for FFL: lesser of 3 and 4 58,258,091 6 Current liability for maximum deductible contribution, projected to the end of the plan year 1,644,897,054 7 Actuarial value of assets, projected to the end of the plan year 918,467,483 8 Excess of 140% of current liability over projected assets at end of plan year: [140% of (6)] - (7), not less than zero 1,384,388,393 9 End of year minimum required contribution 0 Maximum deductible contribution: greatest of 5, 8, and 9 $1,384,388,393 Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 47

48 EXHIBIT H - PENSION PROTECTION ACT OF 2006 PPA 06 Zone Status Based on projections of the credit balance in the FSA, the funded percentage, and cash flow sufficiency tests, plans are categorized in one of three zones : critical status, endangered status, or neither. The funded percentage is determined using the actuarial value of assets and the present value of benefits earned to date, based on the actuary s best estimate assumptions. Critical Status (Red Zone) A plan is classified as being in critical status (the Red Zone) if: The funded percentage is less than 65%, and either there is a projected FSA deficiency within five years or the plan is projected to be unable to pay benefits within seven years, or There is a projected FSA deficiency within four years, or There is a projected inability to pay benefits within five years, or The present value of vested benefits for inactive participants exceeds that for actives, contributions are less than the value of the current year s benefit accruals plus interest on existing unfunded accrued benefit liabilities, and there is a projected FSA deficiency within five years, or As permitted by the Multiemployer Pension Reform Act of 2014, the plan is projected to be in the Red Zone within five years and the plan sponsor elects to be in critical status. A critical status plan is further classified as being in critical and declining status if: The ratio of inactives to actives is at least 2 to 1, and there is an inability to pay benefits projected within 20 years, or The funded percentage is less than 80%, and there is an inability to pay benefits projected within 20 years, or There is an inability to pay benefits projected within 15 years. Any amortization extensions are ignored for testing initial entry into the Red Zone. The Trustees are required to adopt a formal Rehabilitation Plan, designed to allow the plan to emerge from critical status by the end of the rehabilitation period. If they determine that such emergence is not reasonable, the Rehabilitation Plan must be designed to emerge as of a later time or to forestall possible insolvency. Trustees of Red Zone plans have tools, such as the ability to reduce or eliminate early retirement subsidies, to remedy the situation. Accelerated forms of benefit payment (such as lump sums) are prohibited. However, unless the plan is critical and declining, Trustees may not reduce benefits of participants who retired before being notified of the plan s critical status (other than rolling back recent benefit increases) or alter core retirement benefits payable at normal retirement age. Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 48

49 Endangered Status (Yellow Zone) Green Zone A plan not in critical status (Red Zone) is classified as being in endangered status (the Yellow Zone) if: The funded percentage is less than 80%, or There is a projected FSA deficiency within seven years. A plan that has both of the endangered conditions present is classified as seriously endangered. Trustees of a plan that was in the Green Zone in the prior year can elect not to enter the Yellow Zone in the current year (although otherwise required to do so) if the plan s current provisions would be sufficient (with no further action) to allow the plan to emerge from the Yellow Zone within 10 years. The Trustees are required to adopt a formal Funding Improvement Plan, designed to improve the current funded percentage, and avoid a funding deficiency as of the emergence date. A plan not in critical status (the Red Zone) nor in endangered status (the Yellow Zone) is classified as being in the Green Zone. Early Election of Critical Status Trustees of a Green or Yellow Zone plan that is projected to enter the Red Zone within five years must elect whether or not to enter the Red Zone for the current year. Section 3: Supplementary Information as of January 1, 2016 for the SEIU Affiliates Officers and 49

50 ËrN 52-08'12348/PN 001 Section 4: Certificate of Actuarial Valuation MARCH 29,2017 CERTIFICATE OF ACTUARIAL VALUATION This is to certiff that Segal Consulting, a Mernber of The Segal Group, Inc. ("Segal") has prepared an actuarial valuation of the SEIU Affiliates Officers and as of January I, 2076 in accordance with generally accepted actuarial principles and practices. It has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing requirements of federal government agencies. This valuation report may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provided to other parties in its entirety. The measurements shown in this actuarial valuation may not be applicable for other purposes. Future actuarial measurernents may differ significantly from the current measurernents 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 amortization period or additional cost or contribution requirements based on the plan's funded status); and changes in plan provisions or applicable law. The valuation is based on the assumption that the Plan is qualified as a multiemployer plan for the year and on information supplied by the auditor with respect to contributions and assets and reliance on the Benefits Fund Office with respect to the participant data. Segal Consulting does not audit the data provided. The accuracy and comprehensiveness of the data is the responsibility of those supplying the data. To the extent we can, however, Segal does review the data for reasonableness and consistency. Based on our review of the data, we have no reason to doubt the substantial accuracy of the information on which we have based this report and we have no reason to believe there are facts or circumstances that would affect the validity of these results. Adjustments for incomplete or apparently inconsistent data were made as described in the attached Exhíbít 8. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial valuation is complete and accurate, except as noted in Exhibít I. Each prescribed assumption for the determination of Current Liability was applied in accordance with applicable law and regulations. In my opinion, each other assumption is reasonable (taking into account the experience of the plan and reasonable expectations) and such other assumptions, in combination, offer my best estimate of anticipated experience under the plan. Deborah J. Marcotte, FCA, MAJA,A. Senior Vice President and Actuary Enrolled Actuary No Section 4: Gertificate of Actuarial Valuation as of January 1,2016 for the SEIU Aff l ates Officers and ìt S"g"l Consulting 50

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