Legacy Plan Annual Funding Notice – 2021

This notice includes important information about the funding status of your multiemployer pension plan, The
Legacy Plan of the National Retirement Fund (“the Plan”). It also includes general information about the benefit
payments guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. All
traditional pension plans (called “defined benefit pension plans”) must provide this notice every year regardless of
their funding status. This notice does not mean that the Plan is terminating. It is provided for informational purposes
and you are not required to respond in any way. This notice is required by federal law. This notice is for the plan
year beginning January 1, 2021 and ending December 31, 2021 (“Plan Year”).
How Well Funded Is Your Plan
The law requires the administrator of the Plan to tell you how well the Plan is funded, using a measure called the
“funded percentage.” The Plan divides its assets by its liabilities on the Valuation Date for the plan year to get this
percentage. In general, the higher the percentage, the better funded the plan. The Plan’s funded percentage for the
Plan Year and each of the two preceding plan years is set forth in the chart below. The chart also states the value of
the Plan’s assets and liabilities for the same period.
Funded Percentage
2021 2020 2019
Valuation Date January 1, 2021 January 1, 2020 January 1, 2019
Funded Percentage 91.0% 87.2% 84.1%
Value of Assets $ 1,705,882,000 $ 1,643,391,000 $ 1,594,246,000
Value of Liabilities $ 1,873,448,000 $ 1,883,182,000 $ 1,895,286,000
Year-End Fair Market Value of Assets
The asset values in the chart above are measured as of the Valuation Date. They are also “actuarial values”.
Actuarial values differ from market values in that they do not fluctuate daily based on changes in the stock or other
markets. Actuarial values smooth out those fluctuations and can allow for more predictable levels of future
contributions. Despite the fluctuations, market values tend to show a clearer picture of a plan’s funded status at a
given point in time. The asset values in the chart below are market values and are measured on the last day of the
Plan Year. The chart also includes the year-end market value of the Plan’s assets for each of the two preceding plan
years.
December 31, 2021 December 31, 2020 December 31, 2019
Fair Market Value of Assets $2,050,048,000
(unaudited) $1,835,547,000 $1,762,118,000
Endangered, Critical or Critical and Declining Status
Under federal pension law, a plan generally is in “endangered” status if its funded percentage is less than 80 percent.
A plan is in “critical” status if the funded percentage is less than 65 percent (other factors may also apply). A plan
is in “critical and declining” status if it is in critical status and is projected to become insolvent (run out of money
to pay benefits) within 15 years (or within 20 years if a special rule applies). If a pension plan enters endangered
status, the trustees of the plan are required to adopt a funding improvement plan. Similarly, if a pension plan enters
critical status or critical and declining status, the trustees of the plan are required to adopt a rehabilitation plan.
Funding improvement and rehabilitation plans establish steps and benchmarks for pension plans to improve their
funding status over a specified period of time. The plan sponsor of a plan in critical and declining status may apply
for approval to amend the plan to reduce current and future payment obligations to participants and beneficiaries.
The Plan was in critical status in the Plan Year ending December 31, 2021 because the Plan was in critical status in
the prior plan year and the Plan is projected to have an accumulated funding deficiency within nine years of the
Plan Year. In an effort to improve the Plan’s funding situation, the trustees adopted a rehabilitation plan effective
April 1, 2010 and amended it in 2012, 2014 and 2018 to contain contribution rate increases and future benefit
accrual reductions. You may get a copy of the Plan’s rehabilitation plan, any update to such plan and the actuarial
and financial data that demonstrate any action taken by the Plan toward fiscal improvement. You may get this
information by contacting the plan administrator.
If the Plan is in endangered, critical, or critical and declining status for the plan year ending December 31, 2022,
separate notification of that status has or will be provided.
Participant Information
The total number of participants and beneficiaries covered by the Plan on the valuation date was 220,633. Of this
number, 13,071 were current employees, 110,453 were retired and receiving benefits, and 97,109 were retired or
no longer working for the employer and have a right to future benefits.
Funding & Investment Policies
Every pension plan must have a procedure to establish a funding policy for plan objectives. A funding policy relates
to how much money is needed to pay promised benefits. The funding policy of the Plan is for employers to make
contributions pursuant to the various collective bargaining agreements under which the Plan is maintained, but in
no case less than those required under federal pension law.
Pension plans also have investment policies. These generally are written guidelines or general instructions for
making investment management decisions. The investment policy of the Plan is to build a diversified portfolio of
domestic and international equity securities, fixed income and real estate debt securities and alternative investments
which include real estate equity, hedge fund of funds and private equity partnerships.
Under the Plan’s investment policy, the Plan’s assets were allocated among the following categories of investments,
as of the end of the Plan Year. These allocations are percentages of total assets:
Asset Allocations Percentage

  1. Cash (Interest bearing and non-interest bearing) 2.48%
  2. U.S. Government securities 0%
  3. Corporate debt instruments (other than employer securities):
    Preferred 0%
    All other 3.82%
  4. Corporate stocks (other than employer securities):
    Preferred 0%
    Common 5.01%
  5. Partnership/joint venture interests 0%
  6. Real estate (other than employer real property) 0%
  7. Loans (other than to participants) 0%
  8. Participant loans 0%
  9. Value of interest in common/collective trusts 63.80%
  10. Value of interest in pooled separate accounts 0%
  11. Value of interest in 103-12 investment entities 21.38%
  12. Value of interest in registered investment companies (e.g., mutual funds) 3.16%
  13. Value of funds held in insurance co. general account (unallocated contracts) 0%
  14. Employer-related investments:
    Employer Securities 0%
    Employer real property 0%
  15. Buildings and other property used in plan operation 0%
  16. Other 0.35%
    For information about the Plan’s investment in any of the following types of investments-common/collective trusts,
    pooled separate accounts, or 103-12 investment entities – contact the National Retirement Fund at (866) 493-0132
    or 333 Westchester Avenue, Suite N101, White Plains, NY 10604-2938.
    Right to Request a Copy of the Annual Report
    Pension plans must file annual reports with the US Department of Labor. The report is called the “Form 5500.”
    These reports contain financial and other information. You may obtain an electronic copy of your Plan’s annual
    report by going to www.efast.dol.gov and using the search tool. Annual reports also are available from the US
    Department of Labor, Employee Benefits Security Administration’s Public Disclosure Room at 200 Constitution
    Avenue, NW, Room N- 1513, Washington, DC 20210, or by calling 202.693.8673. Or you may obtain a copy of
    the Plan’s annual report by making a written request to the plan administrator. Annual reports do not contain personal
    information, such as the amount of your accrued benefit. You may contact your plan administrator if you want
    information about your accrued benefits. Your plan administrator is identified below under “Where To Get More
    Information”. Note that the 2021 report is not expected to be available until mid-October 2022.
    Summary of Rules Governing Insolvent Plans
    Federal law has a number of special rules that apply to financially troubled multiemployer plans that become
    insolvent, either as ongoing plans or plans terminated by mass withdrawal. The plan administrator is required by
    law to include a summary of these rules in the annual funding notice. A plan is insolvent for a plan year if its
    available financial resources are not sufficient to pay benefits when due for that plan year. An insolvent plan must
    reduce benefit payments to the highest level that can be paid from the plan’s available resources. If such resources
    are not enough to pay benefits at the level specified by law (see Benefit Payments Guaranteed by the PBGC, below),
    the plan must apply to the PBGC for financial assistance. The PBGC will loan the plan the amount necessary to pay
    benefits at the guaranteed level. Reduced benefits may be restored if the plan’s financial condition improves.
    A plan that becomes insolvent must provide prompt notice of its status to participants and beneficiaries, contributing
    employers, labor unions representing participants, and PBGC. In addition, participants and beneficiaries also must
    receive information regarding whether, and how, their benefits will be reduced or affected, including loss of a lump
    sum option.
    Benefit Payments Guaranteed by the PBGC
    The maximum benefit that the PBGC guarantees is set by law. Only benefits that you have earned a right to receive
    and that cannot be forfeited (called vested benefits) are guaranteed. There are separate insurance programs with
    different benefit guarantees and other provisions for single-employer plans and multiemployer plans. Your Plan is
    covered by PBGC’s multiemployer program. Specifically, the PBGC guarantees a monthly benefit payment equal
    to 100 percent of the first $11 of the Plan’s monthly benefit accrual rate, plus 75 percent of the next $33 of the
    accrual rate, times each year of credited service. The PBGC’s maximum guarantee, therefore, is $35.75 per month
    times a participant’s years of credited service.
    Example 1: If a participant with 10 years of credited service has an accrued monthly benefit of $600, the accrual
    rate for purposes of determining the PBGC guarantee would be determined by dividing the monthly benefit by the
    participant’s years of service ($600/10), which equals $60. The guaranteed amount for a $60 monthly accrual rate
    is equal to the sum of $11 plus $24.75 (.75 x $33), or $35.75. Thus, the participant’s guaranteed monthly benefit is
    $357.50 ($35.75 x 10).
    Example 2: If the participant in Example 1 has an accrued monthly benefit of $200, the accrual rate for purposes of
    determining the guarantee would be $20 (or $200/10). The guaranteed amount for a $20 monthly accrual rate is
    equal to the sum of $11 plus $6.75 (.75 x $9), or $17.75. Thus, the participant’s guaranteed monthly benefit would
    be $177.50 ($17.75 x 10).
    The PBGC guarantees pension benefits payable at normal retirement age and some early retirement benefits. In
    addition, the PBGC guarantees qualified preretirement survivor benefits (which are preretirement death benefits
    payable to the surviving spouse of a participant who dies before starting to receive benefit payments). In calculating
    a person’s monthly payment, the PBGC will disregard any benefit increases that were made under a plan within 60
    months before the earlier of the plan’s termination or insolvency (or benefits that were in effect for less than 60
    months at the time of termination or insolvency). Similarly, the PBGC does not guarantee benefits above the normal
    retirement benefit, disability benefit not in pay status, or non-pension benefits, such as health insurance, life
    insurance, death benefits, vacation pay, or severance pay.
    For additional information about the PBGC and the pension insurance program guarantees, go to the Multiemployer
    Page on the PBGC’s website at www.pbgc.gov/multiemployer. Please contact your employer or plan administrator
    for specific information about your pension plan or pension benefit. PBGC does not have that information. See
    “Where to Get More Information About Your Plan,” below.
    Where to Get More Information
    For more information about this notice, you may contact:
    National Retirement Fund
    333 Westchester Avenue, Suite N101
    White Plains, NY 10604-2938
    (866) 493-0132
    Office hours: 8:30 AM to 5:30 PM EST
    For identification purposes, the official plan number is 001 and the plan sponsor’s employer identification number
    or “EIN” is 13-6130178. For more information about the PBGC and benefit guarantees, go to PBGC’s website,
    www.pbgc.gov, or call PBGC toll-free at 1-800-400-7242 (TTY/TDD users may call the Federal relay service toll
    free at 1-800-877-8339 and ask to be connected to 1-800-400-7242).
    Nota: Este es un sumario anual, en inglés, del informe financiero del fondo de salud y bienestar de National
    Retirement Fund. Si usted tiene dificultad comprendiendo alguna parte de este sumario, llame el Administrador del
    Plan para de National Retirement Fund, 333 Westchester Avenue, Suite N101, White Plains, NY 10604-2938.
    Horario de oficina: 8:30 AM a 5:30 PM, de lunes a viernes. Teléfono: (866) 493-0132.
    IMPORTANT: It is very important to keep the Fund Office informed of any changes to your
    address, phone/cell phone numbers and email address. If you do not do so we may not be able to
    locate you and pay you the pension benefits you have earned. Please contact the Fund Office at
    (866) 493-0132 with any changes to your contact information.
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