Annual Return/Report of Employee Benefit Plan

Transcription

1 Form 5500 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 OMB Nos This Form is Open to Public Inspection Part I Annual Report Identification Information For calendar plan year 2016 or fiscal plan year beginning 01/01/2016 and ending 10/31/2016 A X a multiemployer plan X a multiple-employer plan (Filers checking this box must attach a list of This return/report is for: participating employer information in accordance with the form instructions.) X a single-employer plan X a DFE (specify) _C_ B This return/report is: X the first return/report X the final return/report X an amended return/report X a short plan year return/report (less than 12 months) C If the plan is a collectively-bargained plan, check here X D Check box if filing under: X Form 5558 X automatic extension X the DFVC program X special extension (enter description) ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE Part II Basic Plan Information enter all requested information 1a Name of plan ABCDEFGHI ST JOSEPH'S HOSPITAL ABCDEFGHI HEALTH CENTER ABCDEFGHI PENSION PLAN ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 2a Plan sponsor s name (employer, if for a single-employer plan) Mailing address (include room, apt., suite no. and street, or P.O. Box) City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) ST. ABCDEFGHI JOSEPHS HOSPITAL ABCDEFGHI HEALTH ABCDEFGHI CENTER ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI D/B/A ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 301 c/o PROSPECT ABCDEFGHI AVENUE ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI SYRACUSE, NY ABCDEFGHI ABCDEFGHI ABCDE ABCDEFGHI ABCDEFGHI ABCDE CITYEFGHI ABCDEFGHI AB, ST UK Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. 1b Three-digit plan number (PN) 001 1c Effective date of plan YYYY-MM-DD 09/01/1974 2b Employer Identification Number (EIN) c Plan Sponsor s telephone number d Business code (see instructions) 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 HERE Filed with authorized/valid electronic signature. YYYY-MM-DD 08/15/2017 MICHAEL ABCDEFGHI BRADLEY ABCDEFGHI ABCDEFGHI ABCDE Signature of plan administrator Date Enter name of individual signing as plan administrator SIGN HERE YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE Signature of employer/plan sponsor Date Enter name of individual signing as employer or plan sponsor SIGN YYYY-MM-DD ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE HERE Signature of DFE Date Enter name of individual signing as DFE Preparer s name (including firm name, if applicable) and address (include room or suite number) ABCDEFGHI Preparer s telephone number For Paperwork Reduction Act Notice, see the Instructions for Form Form 5500 (2016) v

2 Form 5500 (2016) Page 2 3a Plan administrator s name and address X Same as Plan Sponsor ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI c/o ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDE ABCDEFGHI ABCDEFGHI ABCDE CITYEFGHI ABCDEFGHI AB, ST UK 4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, EIN and the plan number from the last return/report: a Sponsor s name ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI ABCDEFGHI 3b Administrator s EIN c Administrator s telephone number b EIN c PN Total number of participants at the beginning of the plan year Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 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 6e.... 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 that terminated employment during the plan year with accrued benefits that were less than 100% vested... 6h Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 1A 1C 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 funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) (1) X Insurance (1) X Insurance (2) X Code section 412(e)(3) insurance contracts (2) X Code section 412(e)(3) insurance contracts (3) X Trust (3) X Trust (4) X General assets of the sponsor (4) X General assets of the sponsor 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 (1) X R (Retirement Plan Information) (2) X MB (Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information) - signed by the plan actuary (3) X SB (Single-Employer Defined Benefit Plan Actuarial Information) - signed by the plan actuary b General Schedules (1) X H (Financial Information) (2) X I (Financial Information Small Plan) (3) X 0 A (Insurance Information) (4) X C (Service Provider Information) (5) X D (DFE/Participating Plan Information) (6) X G (Financial Transaction Schedules)

3 Form 5500 (2016) Page 3 Part III Form M-1 Compliance Information (to be completed by welfare benefit plans) 11a If the plan provides welfare benefits, was the plan subject to the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR ) X Yes X No If Yes is checked, complete lines 11b and 11c. 11b Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR )... X Yes 11c Enter the Receipt Confirmation Code for the 2016 Form M-1 annual report. If the plan was not required to file the 2016 Form M-1 annual report, enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-1 filing requirements. (Failure to enter a valid Receipt Confirmation Code will subject the Form 5500 filing to rejection as incomplete.) Receipt Confirmation Code X No

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7 Attachment to Form 5500, Schedule SB, Part V Statement of Actuarial Assumptions and Methods Schedule SB, Part V Statement of Actuarial Assumptions and Methods Please refer to the following attachment: 2016 Schedule SB, Line 27 Actuarial Information Based on Pre PPA Funding Rules Attachment Name: Schedule B, Line 6 Statement of Actuarial Assumptions/Methods

8 Attachment to Form 5500, Schedule SB, Part V Summary of Plan Provisions Schedule SB, Part V Summary of Plan Provisions Please refer to the following attachment: 2016 Schedule SB, Line 27 Actuarial Information Based on Pre PPA Funding Rules Attachment Name: Schedule B, Line 6 Summary of Plan Provisions

9 Attachment to Form 5500, Schedule SB, Line 22 Description of Weighted Average Retirement Age Schedule SB, Line 22 Description of Weighted Average Retirement Age Please refer to the following attachment: 2016 Schedule SB, Line 27 Actuarial Information Based on Pre PPA Funding Rules Attachment Name: Schedule B, Line 6b Description of Weighted Average Retirement Age

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16 ATTACHMENT TO 2016 SCHEDULE SB, LINE 27 ACTUARIAL INFORMATION BASED ON PRE PPA RULES ATTACHMENTS TO SCHEDULE B (FORM 5500) ACTUARIAL INFORMATION Plan Sponsor St. Joseph s Hospital Health Center EIN/PN / 001 Plan Name St. Joseph s Hospital Health Center Pension Plan We used and relied upon financial data submitted by the trustee without further audit. We have also used and relied on participant data supplied by the plan sponsor. The data would customarily not be verified by a plan's actuary. We have reviewed the participant data for internal consistency and reasonableness and have no reason to doubt its substantial accuracy. Finally, we have also used and relied upon the plan documents, including amendments, as supplied by the plan sponsor. The plan sponsor is solely responsible for the validity and completeness of this information. The following separate exhibits are attached: Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Schedule B, Line 6 Summary of Plan Provisions Schedule B, Line 6b Description of Weighted Average Retirement Age Schedule B, Line 8c Schedule of Active Participant Data Schedule B, Line 9c and 9j Schedule of Finding Standard Account Bases Schedule B, Line 11 Justification for Change in Actuarial Assumptions

17 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Economic Assumptions Current Liability Discount rate 6.65% PPA Interest rate basis: Applicable month September Interest rate basis 3-Segment Rates Interest rates: Reflecting Corridors Not Reflecting Corridors First segment rate 4.43% 1.34% Second segment rate 5.91% 4.03% Third segment rate 6.65% 5.06% Effective interest rate 5.97% 4.21% Interest crediting rate 2.75% Administrative expenses The amount included this year for plan-related expenses is $0. Annual rates of increase Compensation: N/A Social Security wage base N/A Statutory limits on compensation and benefits N/A

18 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Demographic Inclusion date No employees shall become eligible to participate or resume participation after March 31, New or rehired employees It was assumed there will be no new or rehired employees. Benefit commencement dates Preretirement death benefit Benefits are assumed to be paid as a lump sum following the participant s death. Deferred vested benefit 100% of current terminated vested participants are assumed to elect a life annuity at age % of future terminated participants are assumed to take a lump sums upon termination and the remaining 20% are assumed to elect a single life annuity at age 65 Retirement benefit Upon termination of employment Form of payment It is assumed that 20% of current active participants will elect to receive their benefits as a single life annuity and 80% will elect to receive their benefits as a single lump sum upon retirement. 100% of death benefits are assumed to be paid as a lump sum. To convert a balance to an annuity or an annuity to a lump sum: Accrued Liability and Current Liability: An assumed conversion rate equal to 5.25% and the applicable mortality table in effect under 417(e)(3). PPA Liability: An assumed conversion rate equal to the segment rates used to discount liabilities under IRC section 430 and the applicable mortality table in effect under 417(e)(3). Percent married 75% of eligible male participants and 75% of eligible female participants are assumed to be married. Spouse age Male spouses are assumed to be 3 years older than female spouses.

19 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Funding Mortality Healthy mortality rates 2016 PPA static mortality tables for males and females, with separate mortality rates for annuitants and non-annuitants under Section 430(h)(3)(A) of the Internal Revenue Code. Disabled life mortality rates 2016 PPA static mortality tables for males and females, with separate mortality rates for annuitants and non-annuitants under Section 430(h)(3)(A) of the Internal Revenue Code. Disability rates None assumed Termination 2003 SOA Pension Plan Turnover Rate Table sample rates are below: Years of Service Age 1 Year 5 Years 10 & Over 30 19% 8% 5% Retirement Age Rate % 62 25% % 65 50% % %

20 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Additional Assumptions Cash flow Timing of benefit payments Benefit payments are assumed to be made uniformly throughout the year and, on average, at mid-year. Amount and timing of contributions Contributions are assumed to be made monthly throughout the year. Methods Valuation Date First day of plan year Cost Method for Funding The Projected Unit Credit Cost Method is used to determine the accrued liability and the related normal cost. Under this method, a projected accrued benefit is calculated based upon service as of the measurement date and projected future compensation and social security levels at the age at which the employee is assumed to leave active service. The accrued liability is the present value of this benefit and the normal cost is the present value of the increase in the benefit due to service in the upcoming year. In normal circumstances the "projected accrued benefit" is based on the plan's accrual formula. However, if service in later years leads to a materially higher level of benefit than in earlier years, the "projected accrued benefit" is calculated by attributing projected benefits on a straight-line basis over the relevant period. Funding target Present value of accrued benefits as required by regulations under IRC 430. Target normal cost Present value of benefits expected to accrue during the plan year plus plan-related expenses expected to be paid from plan assets during the plan year as required by regulations under IRC 430. Asset Method for Funding Valuation assets equal the market value of assets as of the valuation date.

21 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Actuarial Value of Assets - PPA Average of the fair market value of assets on the valuation date and 12 and 24 months preceding the valuation date, adjusted for contributions, benefits, administrative expenses and expected earnings (with such expected earnings limited as described in IRS Notice ). The average asset value must be within 10% of market value, including discounted contributions receivable (discounted using the effective interest rate for the prior plan year.) The method of computing the actuarial value of assets complies with rules governing the calculation of such values under the Pension Protection Act of 2006 (PPA). These rules produce smoothed values that reflect the underlying market value of plan assets but fluctuate less than the market value. As a result, the actuarial value of assets will be lower than the market value in some years and greater in other years. However, over the long term under PPA's smoothing rules, the method has a significant bias to produce an actuarial value of assets that is below the market value of assets. Benefits not valued All benefits described in the Plan Provisions section of this report were valued. Willis Towers Watson has reviewed the plan provisions with St Joseph s and, based on that review, is not aware of any significant benefits required to be valued that were not. Data Sources St Joseph s furnished participant data as of January 1, Data were reviewed for reasonableness and consistency, but no audit was performed. Based on discussions with the plan sponsor, assumptions or estimates were made when data were not available. We are not aware of any errors or omissions in the data that would have a significant effect on the results of our calculations.

22 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Assumptions Rationale Significant Economic Assumptions Discount rate Accrued Liability The discount rate for these purposes is based on the expected return on assets which reflects the plan sponsor s estimate of future experience for trust asset returns, reflecting the plan s current asset allocation and any expected changes during the current plan year, current market conditions and the plan sponsor s expectations for future market conditions. Discount rate PPA and Current Liability The basis chosen was selected by the plan sponsor from among choices prescribed by law, all of which are based on observed market data over certain periods of time. Cash balance interest crediting rate The plan credits interest to cash balance accounts using the lesser of the 5-year treasury and 30-year treasury rates as of September of the year preceding the Plan year but not less than 2.60%. Trinity Health has selected an expected future rate equal to the greater of 250 bp below corporate bond yields and 2.60%. After examining historical variability in this rate, we believe that the selected assumption does not significantly conflict with what would be reasonable based on market conditions at the measurement date. Annuity and lump sum conversion interest rate The assumed annuity conversion rate is a long term estimate of the plan s conversion basis which uses rates under IRS 417(e)(3); we believe that the selected assumption does not significantly conflict with what would be reasonable and consistent with other economic assumptions used. Assumptions Rationale Significant Demographic Assumptions Healthy and Disabled Mortality Funding Assumptions used for funding purposes are as prescribed by IRC 430(h). Termination The termination table is the Society of Actuaries 10-year select and ultimate turnover table. Annual review of the experience has shown that this table produces a reasonable approximation of the rates of termination experienced by the plan. Retirement Retirement rates have been developed based on observations of plan experience. Annual review of the experience has shown that this table produces a reasonable approximation of the rates of retirement experienced by the plan

23 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Benefit commencement date for deferred benefits: Preretirement death benefit Surviving spouses are assumed to begin benefits at the earliest permitted commencement date. If the spouse elects to defer, actuarial increases from the earliest commencement date are given, so that a later commencement date is expected to be of approximately equal value, and experience indicates that most spouses do take the benefit as soon as it is available. Deferred vested benefit Deferred vested participants assumed commencement age is intended to capture the average age at commencement and is reflective of past experience. Form of payment The percentage of participants assumed to take lump sums is based on observed plan experience as well as experience with plans with similar provisions. Marital Assumptions: Percent married The assumed percentage married is based on observed plan experience as well as experience with plans with similar provisions. Spouse age The assumed age difference for spouses is based on observed plan experience as well as experience with plans with similar provisions.

24 Attachment to 2016 Form 5500 Schedule B, Line 6 Statement of Actuarial Assumptions/Methods Source of Prescribed Methods Funding methods The methods used for PPA and funding purposes as described in Appendix A, including the method of determining plan assets, are prescribed methods set by law, as defined in the actuarial standards of practice (ASOPs). These methods are required by IRC 430, or were selected by the plan sponsor from a range of methods permitted by IRC 430 and by IRC 412.

25 Attachment to 2016 Form 5500 Schedule B, Line 6 Summary of Plan Provisions The most recent amendment reflected in the following plan provisions was restated effective January 1, 2009 and most recently amended on January 31, Definitions Effective Date September 1, Plan Year Each calendar year Plan Sponsor St Joseph s Status of the Plan Participation and benefit accruals under the plan are frozen effective March 31, Eligible Employee No Eligible Employee shall become eligible to participate in the plan after March 31, Years of Service In general, the number of plan years in which a participant completes 1,000 Hours of Service as a covered employee. No service after March 31, 2014 shall be taken into account when determining a participant's years of benefit service for any purposes under the plan, or vesting service for purposes of determining pay. Accrued Benefits A monthly benefit, payable in the normal annuity form commencing on the normal retirement date, determined as though the date of the accrued benefit determination were the normal retirement date. With respect to the cash balance account benefit, the monthly benefit shall be determined by projecting interest credits, based on the current plan year's rate of interest, to the normal retirement date and then converting the projected balance to a monthly benefit as of that date, using the plan's actuarial equivalence basis for that purpose. Normal form of payment Unmarried Participants - Single Life Annuity Married Participants 50% Joint and Survivor Annuity with the spouse as the beneficiary

26 Attachment to 2016 Form 5500 Schedule B, Line 6 Summary of Plan Provisions Optional forms of payment Joint and Survivor Annuity (with 50%, 66 2/3%, 75% or 100% continuance, or 100% continuance with a 15-year guarantee period) Life annuity with a 10- or 15-year guarantee period Social Security Adjustment Lump sum for those that participated after December 31, 2000 Actuarial equivalence factors For purposes other than for the conversion of Cash Balance Accounts and Section 417(e) equivalents: Mortality Group Annuity Mortality Table for males, set back one year. Interest - 5% per annum. Section 417(e) equivalents on and after January 1, 2008: Mortality and interest rates prescribed by the IRS for purposes of Section 417(e)(3) based on interest rates in effect for September prior to the calendar year Maximum on benefits Annual benefits may not exceed the limits in IRC Section 415.

27 Attachment to 2016 Form 5500 Schedule B, Line 6 Summary of Plan Provisions Eligibility for Benefits Normal Retirement Eligibility Normal Retirement Date: The later of the participant's 65th birthday or the 5th anniversary of plan entry. Benefit A monthly benefit, payable commencing on the participant's normal retirement date in the normal annuity form, equal to the greater of a) or b): a) If the participant's entry date was prior to January 1, 2001, $12 multiplied by years of benefit service, or, if greater, the accrued benefit under the plan provisions as of August 27, 1990, taking into account any limitations on accruals adopted in accordance with IRS Revenue Procedure b) The actuarial equivalent, as described in the plan, of the participant's cash balance account. The cash balance account shall be determined as the initial balance plus interest credits plus pay credits, as described below: Initial Balance: If the participant's entry date was prior to January 1, 2001, the value of the participant's accrued benefit as of December 31, 2000, determined using the 1983 Group Annuity Mortality rates for females and 5.83%. Interest Credits: An addition to the participant's account as of the end of a plan year equal to the account balance as of the beginning of the plan year multiplied by 2.6% or, if greater, the lesser of the United States 5-year Treasury rate or the United States 30-year Treasury rate for the September preceding the calendar year. Pay Credits: If the participant was an active employee during the plan year and completed 1,000 hours of service during the plan year (with the hours of service requirement not applying during the plan year in which the participant enters the plan or the plan year in which the participant's employment terminates), an amount equal to the product of the percentage from the following table and the participant's annual earnings for the plan year not in excess of $120,000 ($60,000 prior to January 1, 2005):

28 Attachment to 2016 Form 5500 Schedule B, Line 6 Summary of Plan Provisions Whole years of vesting service as of the end of the plan year Percentage through December 31, 2004 Percentage on or after January 1, Less than 6 2.0% 2.0% Between 6 and % 2.5% Between 11 and % 3.0% Between 16 and % 3.5% 21 or more 3.0% 4.0% Benefit accruals (formula a) and pay credits (formula b) are frozen effective March 31, Early Retirement Eligibility Attainment of age 60 and completion of 15 years of vesting service. Benefit The actuarial equivalent of the participant s accrued benefit. Late Retirement Eligibility Continued employment after normal retirement date. Benefit The amount determined in accordance with the plan's benefit formula, based on years of benefit service as of the late retirement date, provided that the benefit payable under the formula shall not be less than the actuarial equivalent of the benefit that would have been payable had the participant retired on his normal retirement date. Vested Termination Eligibility Completion of 3 years of Vesting Service (5 years of Vesting Service prior to January 1, 2008). Benefit The actuarial equivalent of the participant's accrued benefit, payable commencing at any time after the date the participant terminates employment (benefits for pre 2001 participants are only payable upon retirement eligibility) Disability Retirement Eligibility The Plan does not provide disability benefits to participants becoming disabled after December 31, 2000.

29 Attachment to 2016 Form 5500 Schedule B, Line 6 Summary of Plan Provisions Preretirement Death Benefit Eligibility Vested (pre 2001 participants must have a surviving spouse). Benefit A monthly life annuity will be provided to the surviving spouse commencing on the later of the earliest date the participant could have retired or the date of death, based on the 50% Joint and Survivor Option, as if the participant had separated from service on the date of death, survived to the later of the date of death or the earliest retirement age, retired with a 50% Joint and Survivor Option at that age, and died on the day after the later of the date of death or the date of attaining the earliest retirement age. In lieu of this benefit, if a participant was an active participant on or after January 1, 2001, the preretirement death benefit shall equal the participant's Cash Balance Account, payable to the spouse (or beneficiary, if there is no spouse) following death.

30 Attachment to Form 5500, Schedule B, Line 6b Description of Weighted Average Retirement Age The average retirement age for Line 6b was calculated by determining the average age at retirement for those current active participants expected to reach retirement, based on all current decrements assumed.

31 Attachment to Form 5500, Schedule B, Line 8c Schedule of Active Participant Data Distribution of Active Participants as of January 1, 2016 Attained age Under 25 Years of credited service Under ,075 7, ,794 7,646 12, ,589 8,252 14,963 21, ,946 9,457 16,165 23, ,887 8,574 15,515 24,154 31,718 37, ,673 10,246 17,078 23,895 31,335 42,033 47, ,207 9,449 16,210 26,752 34,293 42,072 48,466 54, ,861 8,457 16,660 25,811 37,179 45,819 54,463 63, & up Total & up Total ,598 In each cell, the top number is the count of active participants for each age/service combination and the bottom number is average cash balance account as of January 1, Average cash balance is not shown for cells with fewer than 20 participants.

32 Attachment to Form 5500, Schedule B, Line 9c and 9j Schedule of Funding Standard Account Bases Amortization Record in Support of Funding Standard Account for the Plan Year Date of First Charge of Credit Outstanding Balance Beginning of Year Amortization Charge or Credit Initial Amount Remaining Period 1. Amortization Charges 2015 Actuarial Loss 11,914,065 1/1/ ,914,065 2,715,635 Total Amortization Charges 11,914,065 2,715, Amortization Credits Total Amortization Credits Credit Balance/(Deficiency) as of Beginning of Plan Year 4. Accumulated Reconciliation Account as of Beginning of Plan Year 11,914,206 0

33 Attachment to Form 5500, Schedule B, Line 11 Justification for Change in Actuarial Assumptions For the January 1, 2016 valuation, the following changes in actuarial assumptions were made: The assumed interest crediting rates were updated to 2.75% for 2016 For calculating RPA 94 and gateway current liability, the interest rate was changed from 6.81% to 6.65% and the mortality tables were updated to the 2016 PPA prescribed separate annuitant and non-annuitant mortality tables for males and females. Mortality and interest rates applicable to PPA calculations were updated from 2015 to 2016, as mandated by the IRS.