SFA Merger WDL Illustrative Calculations

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BACKGROUND INFORMATION
SFA-Recipient Plan Information
Plan Year Basis:
SFA Measurement Date:
SFA Exhaustion Year (from SFA APP):
SFA Received:
SFA Payment Year:
Adjusted SFA Exhaustion Year
[=2034 +(2024-2022)]:
Actual Non-SFA Assets, 12/31/2025:
Actual SFA Assets, 12/31/2025:
Total Assets, 12/31/2025:
SFA Pool Asset Roll-Forward Rate
(reasonable assumption):
Key Dates
Merger Date:

December 31, 202

Withdrawal Year:

Unfunded Vested Benefits Measurement Date: December 31, 202

ION

ion
1/1 - 12/31
12/31/2022
2034
$ 50,000,000
2024
2036
$ 51,500,000
$ 46,350,000
$ 97,850,000

5.00%

December 31, 2025
2029
December 31, 2028

EXHIBIT II.A
SFA POOL LIABILITIES
SFA POOL BENEFIT PROJECTION

Plan Year
Beginning
January 1,
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075

Projected
Vested Benefit
Payments
$7,000,000
$6,860,000
$6,720,000
$6,580,000
$6,440,000
$6,300,000
$6,160,000
$6,020,000
$5,880,000
$5,740,000
$5,600,000
$5,460,000
$5,320,000
$5,180,000
$5,040,000
$4,900,000
$4,760,000
$4,620,000
$4,480,000
$4,340,000
$4,200,000
$4,060,000
$3,920,000
$3,780,000
$3,640,000
$3,500,000
$3,360,000
$3,220,000
$3,080,000
$2,940,000
$2,800,000
$2,660,000
$2,520,000
$2,380,000
$2,240,000
$2,100,000
$1,960,000
$1,820,000
$1,680,000
$1,540,000
$1,400,000
$1,260,000
$1,120,000
$980,000
$840,000
$700,000
$560,000
$420,000
$280,000
$140,000
$0

Present Value of
Vested Benefits:
4044
Effective
Discount Discount
Rate
Period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.79%
0.5
4.82%
1.5
4.88%
2.5
4.95%
3.5
5.03%
4.5
5.10%
5.5
5.18%
6.5
5.26%
7.5
5.33%
8.5
5.39%
9.5
5.44%
10.5
5.50%
11.5
5.56%
12.5
5.60%
13.5
5.65%
14.5
5.70%
15.5
5.73%
16.5
5.77%
17.5
5.79%
18.5
5.80%
19.5
5.81%
20.5
5.82%
21.5
5.81%
22.5
5.81%
23.5
5.80%
24.5
5.79%
25.5
5.78%
26.5
5.78%
27.5
5.78%
28.5
5.78%
29.5
5.78%
30.5
5.78%
31.5
5.78%
32.5
5.78%
33.5
5.78%
34.5
5.78%
35.5
5.78%
36.5
5.78%
37.5
5.78%
38.5
5.78%
39.5
5.78%
40.5
5.78%
41.5
5.78%
42.5
5.78%
43.5
5.78%
44.5
5.78%
45.5
5.78%
46.5

$76,240,696
Projected Vested
Benefit Payment,
Discounted to
12/31/2028
N/A
N/A
N/A
N/A
$6,291,091
$5,870,490
$5,468,258
$5,083,443
$4,714,842
$4,366,133
$4,032,946
$3,717,213
$3,421,519
$3,145,831
$2,889,840
$2,647,237
$2,420,275
$2,214,007
$2,019,158
$1,837,923
$1,674,860
$1,521,186
$1,383,760
$1,258,987
$1,143,678
$1,037,197
$942,949
$854,040
$773,841
$699,857
$631,631
$567,262
$508,041
$453,599
$403,589
$357,690
$315,602
$277,046
$241,761
$209,505
$180,052
$153,192
$128,730
$106,484
$86,285
$67,975
$51,409
$36,450
$22,972
$10,858
$0

EXHIBIT II.B
SFA POOL ASSETS
SFA-Recipient Plan: SFA Phase-In Schedule
(a)
Determinatio
n Year
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037

(c) Plan
Complete(b)
Plan Years
Complete
from Determination Years from Payment
Year to Exhaustion
Year to Exhaustion
Year
Year
13
13
12
13
11
13
10
13
9
13
8
13
7
13
6
13
5
13
4
13
3
13
2
13
1
13

(d)
Phase-In%
[ = (b) / (c) ]
100%
92%
85%
77%
69%
62%
54%
46%
38%
31%
23%
15%
8%

(e)
Assets Excluded from
UVB Pool
[ = SFA Received x (d)]
$
50,000,000 SFA Payment Year
$
46,153,846
$
42,307,692
$
38,461,538
$
34,615,385
$
30,769,231
$
26,923,077
$
23,076,923
$
19,230,769
$
15,384,615
$
11,538,462
$
7,692,308
$
3,846,154 SFA Exhaustion Year
$
-

SFA-Recipient Plan: Asset Rollforward
SFA Pool Projected
SFA Pool Assets
Benefit Disbursed from
Projected
SFA Pool Total
Revaluation
SFA Assets (PostInvestment Return
Projected
Date
Merger)
(Post-Merger)
Assets
12/31/2025
$ 97,850,000 Actual SFA Plan Assets at Merger Date
12/31/2026 $
(6,860,000) $
4,721,000 $ 95,711,000
12/31/2027 $
(6,720,000) $
4,617,550 $ 93,608,550
12/31/2028 $
(6,580,000) $
4,515,928 $ 91,544,478
SFA Recipient Plan: Adjust Asset Rollforward for Phase-In Schedule
(a) Total Rolled Forward Assets as of 12/31/2028:

$

91,544,478

(b) Assets Excluded as of 12/31/2028, per Phase-In Schedule: $ (34,615,385)
SFA Pool Assets [ = (a) - (b) ]:

$

56,929,093

Present Value of
MERGED PLAN POOL BENEFIT PROJECTION
(b)
(c)
(d)
Vested Benefits:
Merged Plan
Merged Plan
Plan Year
Total Projected
SFA Pool
Pool Projected
Beginning
Vested Benefit Vested Benefit Vested Benefits Merged Plan Discount
January 1,
Payments
Projection
[= (b) - (c) ]
Interest Rate Period
2025
N/A
$7,000,000
N/A
N/A
N/A
2026
N/A
$6,860,000
N/A
N/A
N/A
2027
N/A
$6,720,000
N/A
N/A
N/A
2028
N/A
$6,580,000
N/A
N/A
N/A
2029
$40,000,000
$6,440,000
$33,560,000
7.00%
0.5
2030
$39,188,800
$6,300,000
$32,888,800
7.00%
1.5
2031
$38,377,600
$6,160,000
$32,217,600
7.00%
2.5
2032
$37,566,400
$6,020,000
$31,546,400
7.00%
3.5
2033
$36,755,200
$5,880,000
$30,875,200
7.00%
4.5
2034
$35,944,000
$5,740,000
$30,204,000
7.00%
5.5
2035
$35,132,800
$5,600,000
$29,532,800
7.00%
6.5
2036
$34,321,600
$5,460,000
$28,861,600
7.00%
7.5
2037
$33,510,400
$5,320,000
$28,190,400
7.00%
8.5
2038
$32,699,200
$5,180,000
$27,519,200
7.00%
9.5
2039
$31,888,000
$5,040,000
$26,848,000
7.00%
10.5
2040
$31,076,800
$4,900,000
$26,176,800
7.00%
11.5
2041
$30,265,600
$4,760,000
$25,505,600
7.00%
12.5
2042
$29,454,400
$4,620,000
$24,834,400
7.00%
13.5
2043
$28,643,200
$4,480,000
$24,163,200
7.00%
14.5
2044
$27,832,000
$4,340,000
$23,492,000
7.00%
15.5
2045
$27,020,800
$4,200,000
$22,820,800
7.00%
16.5
2046
$26,209,600
$4,060,000
$22,149,600
7.00%
17.5
2047
$25,398,400
$3,920,000
$21,478,400
7.00%
18.5
2048
$24,587,200
$3,780,000
$20,807,200
7.00%
19.5
2049
$23,776,000
$3,640,000
$20,136,000
7.00%
20.5
2050
$22,964,800
$3,500,000
$19,464,800
7.00%
21.5
2051
$22,153,600
$3,360,000
$18,793,600
7.00%
22.5
2052
$21,342,400
$3,220,000
$18,122,400
7.00%
23.5
2053
$20,531,200
$3,080,000
$17,451,200
7.00%
24.5
2054
$19,720,000
$2,940,000
$16,780,000
7.00%
25.5
2055
$18,908,800
$2,800,000
$16,108,800
7.00%
26.5
2056
$18,097,600
$2,660,000
$15,437,600
7.00%
27.5
2057
$17,286,400
$2,520,000
$14,766,400
7.00%
28.5
2058
$16,475,200
$2,380,000
$14,095,200
7.00%
29.5
2059
$15,664,000
$2,240,000
$13,424,000
7.00%
30.5
2060
$14,852,800
$2,100,000
$12,752,800
7.00%
31.5
2061
$14,041,600
$1,960,000
$12,081,600
7.00%
32.5
2062
$13,230,400
$1,820,000
$11,410,400
7.00%
33.5
2063
$12,419,200
$1,680,000
$10,739,200
7.00%
34.5
2064
$11,608,000
$1,540,000
$10,068,000
7.00%
35.5
2065
$10,796,800
$1,400,000
$9,396,800
7.00%
36.5
2066
$9,985,600
$1,260,000
$8,725,600
7.00%
37.5
2067
$9,174,400
$1,120,000
$8,054,400
7.00%
38.5
2068
$8,363,200
$980,000
$7,383,200
7.00%
39.5
2069
$7,552,000
$840,000
$6,712,000
7.00%
40.5
2070
$6,740,800
$700,000
$6,040,800
7.00%
41.5
2071
$5,929,600
$560,000
$5,369,600
7.00%
42.5
2072
$5,118,400
$420,000
$4,698,400
7.00%
43.5
2073
$4,307,200
$280,000
$4,027,200
7.00%
44.5
2074
$3,496,000
$140,000
$3,356,000
7.00%
45.5
2075
$2,876,571
$0
$2,876,571
7.00%
46.5
2076
$2,397,143
$0
$2,397,143
7.00%
47.5
2077
$2,054,694
$0
$2,054,694
7.00%
48.5
2078
$1,712,245
$0
$1,712,245
7.00%
49.5
2079
$1,467,638
$0
$1,467,638
7.00%
50.5
2080
$1,223,032
$0
$1,223,032
7.00%
51.5
2081
$1,048,313
$0
$1,048,313
7.00%
52.5
2082
$873,594
$0
$873,594
7.00%
53.5
2083
$748,795
$0
$748,795
7.00%
54.5
2084
$623,996
$0
$623,996
7.00%
55.5
2085
$534,854
$0
$534,854
7.00%
56.5
2086
$445,711
$0
$445,711
7.00%
57.5
2087
$382,038
$0
$382,038
7.00%
58.5
2088
$318,365
$0
$318,365
7.00%
59.5
2089
$272,885
$0
$272,885
7.00%
60.5
2090
$227,404
$0
$227,404
7.00%
61.5
2091
$194,918
$0
$194,918
7.00%
62.5
2092
$162,431
$0
$162,431
7.00%
63.5
2093
$139,227
$0
$139,227
7.00%
64.5
2094
$116,022
$0
$116,022
7.00%
65.5
2095
$99,448
$0
$99,448
7.00%
66.5
2096
$82,873
$0
$82,873
7.00%
67.5
2097
$71,034
$0
$71,034
7.00%
68.5
2098
$59,195
$0
$59,195
7.00%
69.5
2099
$50,739
$0
$50,739
7.00%
70.5
2100
$42,282
$0
$42,282
7.00%
71.5
2101
$36,242
$0
$36,242
7.00%
72.5
2102
$30,202
$0
$30,202
7.00%
73.5
2103
$25,887
$0
$25,887
7.00%
74.5
2104
$21,573
$0
$21,573
7.00%
75.5
2105
$18,491
$0
$18,491
7.00%
76.5
2106
$15,409
$0
$15,409
7.00%
77.5
2107
$13,208
$0
$13,208
7.00%
78.5
2108
$11,006
$0
$11,006
7.00%
79.5
2109
$9,434
$0
$9,434
7.00%
80.5
2110
$7,862
$0
$7,862
7.00%
81.5
2111
$6,739
$0
$6,739
7.00%
82.5
2112
$5,616
$0
$5,616
7.00%
83.5
2113
$4,813
$0
$4,813
7.00%
84.5
2114
$0
$0
$0
7.00%
85.5
(a)

$359,356,860
Projected Vested
Benefit Payment,
Discounted to
12/31/2028
N/A
N/A
N/A
N/A
$32,443,677
$29,714,769
$27,204,061
$24,894,682
$22,771,035
$20,818,704
$19,024,361
$17,375,690
$15,861,313
$14,470,713
$13,194,176
$12,022,730
$10,948,089
$9,962,600
$9,059,196
$8,231,357
$7,473,061
$6,778,753
$6,143,304
$5,561,987
$5,030,438
$4,544,632
$4,100,860
$3,695,702
$3,326,004
$2,988,860
$2,681,594
$2,401,739
$2,147,024
$1,915,357
$1,704,813
$1,513,619
$1,340,145
$1,182,890
$1,040,475
$911,631
$795,192
$690,087
$595,330
$510,018
$433,320
$364,475
$302,783
$247,603
$198,347
$154,476
$123,746
$96,375
$77,203
$60,127
$48,166
$37,512
$30,050
$23,403
$18,748
$14,601
$11,696
$9,109
$7,297
$5,683
$4,553
$3,546
$2,840
$2,212
$1,772
$1,380
$1,106
$861
$690
$537
$430
$335
$268
$209
$167
$130
$104
$81
$65
$51
$41
$32
$25
$20
$16
$0

EXHIBIT III.C
MERGED PLAN POOL ASSETS
(a) Total Actual Assets as of 12/31/2028:

$ 395,000,000

(b) Amount of SFA Assets Not Phased in as of 12/31/2028:
(c) SFA Pool Assets as of 12/31/2028:

$
$

Merged Plan Pool Assets [ = (a) - (b) - (c) ]:

$ 303,455,523

34,615,385 See Exhibit II.B
56,929,093 See Exhibit II.B

Demonstration that Merged Plan Assets = SFA Pool Assets + Merged Pool Assets
(a) Merged Plan, Total Actual Assets as of 12/31/2028:
(b) Assets Excluded as of 12/31/2028, per Phase-In Schedule:
(c) Merged Plan Assets as of 12/31/2028, Net of SFA Phase-In, for
Withdrawal Liability Assessment Purposes [ = (a) + (b) ]:

$
$

395,000,000
(34,615,385) See Exhibit II.B

$

360,384,615

(d) SFA Pool Assets as of 12/31/2028:
(e) Merged Pool Assets as of 12/31/2028:
(f) Sum of SFA Pool Assets and Merged Pool Assets, 12/31/2028:

$
$
$

56,929,093 See Exhibit II.B
303,455,523 See above
360,384,615

Difference Between (c) and (f) [Should Be $0]:

$

-

EXHIBIT IV.
ALLOCATION OF UVB POOLS
SFA Pool
(a) Present Value of Vested Benefits at 12/31/2028:

$

76,240,696 See Exhibit II.A

(b) Pool Assets at 12/31/2028:

$

56,929,093 See Exhibit II.B

(c) Preliminary Unfunded Vested Benefit (UVB) at 12/31/2028:
[ = (a) - (b) ]

$

19,311,603

(d) SFA Pool Assets that Exceed Present Value of Vested
Benefits (Reallocated to Merged Plan Pool), at 12/31/20 $
= - MIN[ 0 , (c) ]

- Section IV. of sample method

(e) Preliminary SFA Pool UVB at 12/31/2028:
[ = (c) - (d) ]

$

19,311,603

(f) Final SFA Pool UVB allocable at 12/31/2028:
= MAX[0, (e)]

$

19,311,603

Merged Plan Pool
(a) Present Value of Vested Benefits at 12/31/2028:

$

359,356,860 See Exhibit III.A

(b) Pool Assets at 12/31/2028:

$

303,455,523 See Exhibit III.C

(c) Preliminary Unfunded Vested Benefit (UVB) at 12/31/2028:
[ = (a) - (b) ]

$

55,901,338

(d) SFA Pool Assets that Exceed Present Value of Vested
Benefits, at 12/31/2028:
$
= The negative of Item (d) from SFA Pool section above

- Section IV. of sample method

(e) Preliminary Merged Plan Pool UVB at 12/31/2028:
[ = (c) + (d) ]

$

55,901,338

(f) Final Merged Plan Pool UVB allocable at 12/31/2028:
= MAX[0, (e)]

$

55,901,338