Annuity & Savings Fund Summary Plan Description (SPD)

We are pleased to provide you with this updated Summary Plan Description.  This booklet defines and describes the Annuity and Savings Fund benefits.  This booklet cancels and replaces all booklets and related material which you have been previously issued.

The International Union of Operating Engineers Local 132 Annuity and Savings Fund (“Plan”) provides retirement benefits to participating employees who are members of the local 132.

The Plan is an individual account pension Plan established as a multi-employer Plan under the collective bargaining agreement between the International Union of Operating Engineers Local 132 (“Union”) and each Employer who has signed such agreement.  Your benefit is based solely on the amount of money in your individual account in the Plan.

The Trustees are empowered to amend the Plan and the benefits provided hereunder from time to time as they in their sole discretion determine appropriate.  Participants will be advised of any material modification to the Plan by notice forwarded to their last known address by first class mail, postage prepaid.

The Trustees are empowered to construe and interpret the Plan and this Summary Plan Description in their sole discretion, and any such construction and interpretation adopted by the Trustees in good faith shall be binding upon the Union, Employers, Employees and Participants.

The Plan is a multi-employer Plan established pursuant to the collective bargaining agreement(s) between the Union and the participating Employers.  It is a flat dollar contribution Plan not described in IRC section 412.  It was originally established June 1, 1990 and has been amended to meet current law effective as of June 1, 2004.

If you were a Participant in the Plan immediately prior to June, 2004, you will continue to participate in the Plan. Otherwise, to become a participant in the Plan you must be an “eligible employee”.

An eligible employee is defined as an employee whose employment is governed by the terms of the collective bargaining agreement between the Union and the adopting employers.  In addition, to being an eligible employee, you must complete one or more hours of work under the collective bargaining agreement.

However, if an employee is first hired as a non collectively bargained employee but subsequently become subject to the collective bargaining agreement and if he completes at least 1,000 hours of work in the twelve (12) consecutive month period commencing on his initial hire date then he will enter the Plan retroactively back to his initial hire date.

If you are a re-employed Veteran, as defined in Chapter 43 of Title 38 of the United States Code, your Employer must make a contribution equal to the contribution that you would have received had you not been in uniformed service.  However, your share of the net income (or loss) of the Trust, is ignored during such protected period of uniformed service.  For the purposes of calculating the amount of the Employer contribution, your wages during such period will be computed as the amount that you would have received, but for your period of uniformed service.  If your wages for this period is not reasonably certain, then the wages that you received for the twelve (12) month period immediately preceding your uniformed service period will be used for the purposes of calculating the employer contribution.  The survivors of any participant who dies on or after January 1, 2007, while performing qualified military service, are entitled to any additional benefits (other than contributions relating to the period of qualified military service, but including vesting service credit for such period and any ancillary life insurance or survivor benefits) that would have been provided under the Plan had the participant resumed employment on the day preceding the participant’s death and then terminated employment on account of death.

Your Employer makes a flat dollar per hour contribution in the amount specified in the collective bargaining agreement.  This contribution is allocated to each participant’s Account based on hours worked.

Internal Revenue Code contains limitations on the amounts that can be contributed on behalf of each Participant in the Plan.  If the limit is inadvertently exceeded, the excess will be reallocated in accordance with IRS rules.  Generally, these limitations will not apply to the Plan.  If you have any questions concerning the limitations, please contact the Trust Office.

You will receive a statement of your Account every three (3) months.  This statement will indicate the Employer contribution(s) allocated to your Account during the reporting period as well as adjustments for any distributions, plan expenses and earnings or losses.

You have the opportunity to give investment instructions for the assets and the balance in your individual account.  The Fund offers a broad range of investment alternatives from which you can select, each designed with a specific investment objective.

In order to make informed decisions regarding the investment alternatives, you should take the time to review the information which is made available.  You should also determine your financial goals and risk tolerance before making any investment decisions.  Keep in mind, the fact that a particular investment alternative is available under the Fund should not be construed as a recommendation to invest in such option.

Should you not choose to direct how your individual account balance is invested, your balance will then be placed in the Trustee directed default fund, which is currently the age appropriate Vanguard Target Retirement funds.

The Vanguard Target Retirement funds offer participants a professionally-managed solution for how to invest your retirement money.  Each Target Retirement fund is a diversified mix of stocks, bonds, and cash that automatically become more conservative over time. Experienced investment professionals carefully select and manage the mix of investments to help you meet your changing needs over time as you near retirement

The plan operates in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) Section 404(c), which provides that the fiduciaries of the plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the Participant or Beneficiary.  The Fund is not responsible for any losses which result from your investment instructions.

A “terminated participant” is any person whose employment with the Employer who is signatory to the collective bargaining agreement has been terminated, and such person is not employed in the United States in the same industry and in a trade, craft or job of a type covered by the Plan.

Any money contributed to your Account by an Employer, and any earnings thereon are 100% vested at all times.

Every terminated participant who has attained age 65 (normal retirement age) shall, at his election, be entitled to receive the value of his Account in the Plan.

You will be entitled to a Disability Retirement benefit should you become permanently disabled from working in the trade prior to reaching age 65. In order to qualify for a Disability Retirement, proof of total disability must be certified by a licensed physician, along with a second opinion from a licensed physician, and/or other evidence the Trustees deem necessary to their final determination. Further, an award of Social Security Disability benefits shall be considered satisfactory proof of disability under the Plan.

Any Participant who has had his Account for at least two Plan Years shall be given an option to remove either one-half (½) or all of the Employer contributions and earnings that have accumulated in his Account during the single Plan Year that is two years prior to the date of the election.  This option will be given on a one time irrevocable basis at the end of each applicable Plan Year.  If the Participant elects not to remove either one-half (½) or all of the applicable Plan Year’s accumulations, the Participant may not elect in a subsequent Plan Year to remove any of the amounts that he previously elected to keep in his Participant’s Account until he becomes a Terminated Participant, retires after attaining Normal Retirement, withdraws union membership, or dies.

Upon becoming a Terminated Participant, you will be given an option to receive all, or a portion of, the benefit in your account.  Alternatively, you may also leave your account balance in the Plan until a later date.

If the death of a participant occurs prior to receipt of his full benefit, the designated beneficiary shall be entitled to receive 100% of the value of the deceased participant’s Account.

If you are married, your beneficiary shall be your spouse unless you are divorced or legally separated by court order.  Alternatively, you may name a beneficiary other than the spouse, if the spouse waives the right to be beneficiary in favor of another named beneficiary and such waiver is notarized or witnessed by an authorized Plan representative.  All beneficiary designations must be in writing on the forms provided by the Trustees.  If there is no valid designation on file with the Trustees, the beneficiary shall become one of the following in order of priority:

• surviving spouse,
• participant’s children per stripes,
• participant’s surviving parents in equal shares,
• participant’s estate

You will be entitled to Plan benefits annually on June 1^st, for the single plan year which ended two years earlier and when you retire or withdraw union membership from I.U.O.E. Local 132, AFL-CIO.

All benefit payments shall be distributed as soon as administratively feasible under the terms of the Plan.  The value of your Plan benefit is determined daily and is based upon the contributions that have been made on your behalf.

You should remember that the amount of your Plan benefit will depend upon your choice of investments as well as Plan expenses that are collected under the terms of the Plan.  Investment gains as well as losses can occur.  There are no guarantees of performance, and neither the Plan administrator, Trustees, nor any representatives provide investment advice, insure or otherwise guarantee the value or performance of the investments you choose.  You may direct the investment of your entire interest in the Plan.

All payments will be made at your election in one of three ways:

• The purchase of an annuity contract; or
• One lump sum payment in cash; or
• Cash payments in monthly, quarterly, semi-annual or annual installments over any period not exceeding ten (10) years.

Distributions after Age 70½.  Regardless of any other rules hereunder, at any time after you attain age 70½, if you are not a terminated participant, as defined above, you may defer taking your distribution until you become a terminated participant.  If you are a terminated participant after you attain age 70½, and you have elected to keep your Accounts in the Plan, you must begin receiving minimum distributions each year calculated in accordance with the requirements of Section 401(a)(9) of the Internal Revenue Code and the final Treasury Regulations thereunder.
Does the Fund have an Involuntary Payout Provision?

Yes, on an annual basis the Plan will review the Fund’s records and if you have no contributions reported upon your behalf for a period of at least one (1) year and your current balance is $1,000 or less, the Fund will automatically issue you payment of your account balance.

In general, your interest in your Accounts and the interests of other persons entitled to benefits under the Plan may not be voluntarily or involuntarily assigned, sold or transferred and are not subject to the claims of any creditors.

However, the Trustees may be required by law to recognize obligations you incur as a result of court-ordered child support or alimony.  The Trustees must honor a qualified domestic relations order (“QDRO”), which is a decree or order issued by a court that obligates you to pay child support or alimony, or otherwise allocates a portion of your interest in the Plan to your spouse, former spouse, child or other dependent.  If such an order is received by the Trustees, all or a portion of your Accounts may be used to satisfy the obligation.  The Trustees will determine the validity of any domestic relations order it receives in accordance with its Qualified Domestic Relations Order Policy.

No, the Plan does not permit loans.

No, the Plan does not accept transfers or rollovers from other qualified retirement Plans.

If you receive an eligible rollover distribution from the Plan, mandatory Federal income tax withholding of 20% of the amount distributed applies unless you elect a “Direct Rollover” of your distribution.  A Direct Rollover is a payment by the Plan to an eligible retirement Plan specified by you, including an individual retirement account (“IRA”).  Most distributions from the Plan, other than those required after age 70½ and certain death benefit distributions, are considered eligible rollover distributions.  You will be advised by the Trustees at the time of the distribution whether it may be rolled over to another Plan or IRA.

Your Employer’s contributions to the Plan are tax deductible to the Employer as of the date they are contributed to the Plan.  However, the amount of that contribution that is allocated to your account is not taxable to you until you actually receive it from the Plan.  Therefore, as long as you keep the money in the Plan, neither the amount contributed by the Employer on your behalf, nor the earnings thereon are taxable to you.  However, you will have to pay income tax on the amount in your Account at the time you receive the money as a distribution from the Plan, unless you elect to directly roll it over to an IRA or a qualified Plan.

The Trustees can’t legally give you tax advice.  Accordingly, while the above is a correct summary of the general rules, it is necessarily incomplete.  At the time you receive a distribution you will be given a statement of the tax laws prepared by the IRS, known as a Special Tax Notice.  In addition, at the time you elect to receive a distribution from the Plan, you should obtain individual tax advice because the tax laws are complex and subject to frequent change.

The Annuity and Savings Fund is intended to provide you with a secure supplement to your retirement.  However, situations may arise when you have an immediate and heavy financial need for money.  Hardship Distributions allow you to access your account if you have incurred a Hardship as defined by the Plan.

When considering a hardship withdrawal, consult your tax advisor as the rules concerning federal income taxation of benefits are complicated.  Please make sure you understand the tax consequences before you complete a Hardship Distribution Application.

Participants can request a hardship distribution from the portion of their account balance that has been in their account for more than two (2) full calendar years preceding the calendar year of the request for the hardship distribution.  However, no hardship distribution can include any portion of a Participant’s account balance that is required to be available for an in-service distribution.

The minimum amount of money that can be withdrawn is $500 and the maximum amount has to be equal to the amount necessary to satisfy the hardship request.  The standard Federal withholding rate for hardship distributions is 10% of the distribution.  However, you may instruct that additional tax be withheld to cover any any additional tax that may be assessed by the IRS and/or the State in which you reside.  It is your responsibility to pay any applicable tax that may be assessed as a result of receiving a hardship distribution.  See IRS Publication 575 Pension and Annuity Income for additional information.

All requests for hardship distributions must be supported by any bills and other necessary documents showing there is a hardship and the amount of money necessary to satisfy the hardship request.

A “hardship” under this section shall be limited to one or more of the following:

• Unreimbursed medical expenses incurred by the Participant, his or her spouse or dependents;
• Purchase of a principal residence for the Participant;
• Payment of tuition for the next semester or quarter of post-secondary education for a Participant, his or her spouse, children or dependents;
• Expenditures to prevent eviction from a Participant’s principal residence or foreclosure of a mortgage on the same;
• Funeral expenses of an immediate family member (spouse, child or parent) of the Participant;
• Expenses for the repair of damage to a Participant’s principal residence generally resulting from a natural disaster, fire, flood damage, vandalism, or car accident. Eligible expenses are those that qualify for a casualty deduction on your federal income tax return allowed by Section 165 of the Internal Revenue Code (described in IRS Publication 547);
• Payment of self-pay premiums and COBRA premium sunder the International Union of Operating Engineers Local 132 Health and Welfare Fund;
• Expenses and losses (including loss of income) incurred by an employee account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 100-707, provided the employee’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.

• You may receive a hardship distribution application from the Fund Office or any of the Union Offices.  You may also receive an application directly from the Recordkeeper.
• Your spouse must consent in writing to a hardship distribution and such consent must be witnessed by a notary public or the Plan Administrator.
• Hardship distributions are subject to income tax, and may be subject to an additional 10% early distribution penalty if you are under the age of 59½.
• Hardship distributions may not be rolled over to an IRA or to another employer’s retirement plan.

The Trustees have the sole and absolute discretion to determine whether you are eligible for a hardship distribution, the amount of any hardship distribution, whether the requirements for obtaining a hardship distribution have been satisfied and any other matter with respect to hardship distributions.  The Trustees judgment in connection with hardship distributions is final and binding on all parties.

Generally, you need not make a claim for your benefits under the Plan.  However, you and your beneficiary must keep the Trustees advised of the addresses at which each of you can be located.  If the Trustees don’t know your location when your benefits become payable, they will mail notification to the most recent address in their records.  The Trustees will attempt to locate any missing Participant or beneficiary through the Social Security Administration or such other procedure as is required under applicable law; however, it is the obligation of the Participants, and their beneficiaries, to provide a change of address to the Trustees.

A Participant or other person (or an authorized representative) may file a written claim with the Trustees for any benefits to which they believe they are entitled.

Within ninety (90) days after the receipt of a written claim, the Trustees will provide the claimant with written notice of their decision on the claim.  If the claim is wholly or partially denied, the written notice of the decision will inform the claimant of:

• The specific reasons for the denial;
• The specific provisions of the Plan upon which the denial is based;
• Any additional material or information necessary to perfect the claim and reasons why such material or information is necessary; and
• The right to request review of the denial and how to request such review.  If written notice of the decision is not given to the claimant within ninety (90) days, after the Trustee’s receipt of a claim, the claim shall be deemed to be denied for purposes of the claimant’s right to request a review of the denial.

Within sixty (60) days after the receipt of written notice of a denial of all or a portion of a claim, the claimant or his or her authorized representative may request a review of the denial by filing a written request with the Trustees.  The claimant’s written comments on the claim may be submitted to the Trustees along with the review request.

Upon receipt of a request for review of a claim denial, the Trustees shall undertake a full and fair review of the claim denial and provide the claimant with written notice of its decision within sixty (60) days after receipt of the review request.

The written notice of the decision will inform the claimant of the specific reasons for the decision and the specific provisions of the Plan upon which the decision is based.  If written notice of the decision is not given to the claimant within the initial period the claim shall be deemed denied on review.  Except as may be otherwise required by law, the decision of the Trustees on review of the claim denial shall be binding on all parties.

Special Rules Applicable to Disability Claims

If you are claiming a benefit under the Plan that is contingent on the Plan Administrator determining that you are disabled, the Plan Administrator will make a decision on the claim and notify you of the decision within 45 days. This period may be extended by the Plan for up to thirty (30) days, provided the Plan Administrator both determines that an extension is necessary due to matters beyond the control of the Plan and notifies the Claimant, prior to the expiration of the initial forty-five (45) day period, of the circumstances requiring the extension of time and the date by which the Plan expects to render a decision. If, prior to the end of the first thirty (30) day extension period, the Plan Administrator determines that, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making the determination may be extended for an additional thirty (30) days.

Calculation of Time Periods. The period of time within which a benefit determination is required to be made shall begin at the time a claim is filed in accordance with the reasonable procedures of the Plan, without regard to whether all the information necessary to make a benefit determination accompanies the filing.

Content of Notice. The Plan Administrator shall provide a Claimant with written or electronic notification of any adverse benefit determination. The notification shall set forth, in a manner calculated to be understood by the Claimant;

1. The specific reason or reasons for the adverse determination;
2. Reference to the specific Plan provisions on which the determination is based;
3. A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary;
4. A description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review;
5. One of the following:
   a. If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion does not exist; OR
   b. If the adverse benefit determination is based on medical necessity, because the treatment was experimental, or another similar exclusion or limitation, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request.
6. A statement that the Claimant is entitled to receive upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the Claimant’s benefit determination.
7. A discussion of the decision to disagree with or not follow:
   a. The views presented by health professionals treating the Claimant;
   b. The views presented by medical or vocational experts whose advice was obtained on behalf of the Plan; and/or
   c. A disability determination by the Social Security Administration.

Appeals Procedure

1. The Claimant shall have 180 days following the receipt of a notification of an adverse benefit determination within which to appeal the determination.
2. The Claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits.
3. The Claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits.
4. The review on appeal shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
5. On appeal the Claimant shall be provided with any new or additional evidence or rational considered or relied upon in connection with the claim automatically and free of charge. The Claimant shall be provided with a review that does not afford deference to the initial adverse benefit determination and will be conducted by an appropriate named fiduciary of the Plan who is neither the individual who made the initial adverse benefit determination nor the subordinate of such individual. In deciding an adverse benefit determination that is based in whole or in part on medical judgment including determinations regarding whether a treatment or drug is experimental, investigational, or not medically necessary, the Plan will consult a health care professional who has the appropriate training and experience in the medical field involved in the judgment and the medical or vocational expert will be identified. The healthcare professional engaged for consultation will not be an individual who was consulted in making the adverse benefit determination that is the subject of the appeal, nor their subordinate.
6. The Board shall be empowered to hold a hearing at which such applicant shall be entitled to present the basis of his claims for review and at which he may be represented by Counsel.
7. The Trustees shall make a benefit determination no later than the date of the meeting of the Trustees that immediately follows the Plan’s receipt of a request for review, unless the request for review is filed within thirty (30) days preceding the date of such meeting. In such case, a benefit determination may be made by no later than the date of the second (2nd) meeting following the Plan’s receipt of the request for review. If special circumstances (such as the need to hold a hearing) require a further extension of time for processing, a benefit determination shall be rendered not later than the third (3rd) meeting of the Trustees following the Plan’s receipt of the request for review. If such an extension of time for review is required because of special circumstances, the Plan Administrator shall provide the Claimant with written notice of the extension, describing the special circumstances and the date as of which the benefit determination will be made, prior to the commencement of the extension. The Plan Administrator shall notify the Claimant of the benefit determination as soon as possible, but not later than five (5) days after the benefit determination is made.
8. The period of time within which a benefit determination on review is required to be made shall begin at the time an appeal is filed in accordance with the reasonable procedures of a Plan, without regard to whether all the information necessary to make a benefit determination on review accompanies the filing. In the event that a period of time is extended due to a Claimant’s failure to submit information necessary to decide a claim, the period for making the benefit determination on review shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information.
9. In the case of an adverse benefit determination on review, the Plan Administrator shall provide access to, and copies of, documents, records, and other information as appropriate.
10. The Plan Administrator shall provide the Claimant with a written or electronic notification of the Plan’s benefit determination on review. In the case of an adverse benefit determination, the notification shall set forth, in a manner reasonably calculated to be understood by the Claimant:
    1. The specific reason or reasons for the adverse determination;
    2. Reference to the specific Plan provision on which the benefit determination is based;
    3. A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits;
    4. A statement of the Claimant’s right to bring an action under Section 502(a) of ERISA; and
    5. One of the following:
       a. If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or other similar criterion, or a statement that such a rule, guideline, protocol, or other similar criterion does not exist; OR
       b. If the adverse benefit determination is based upon medical necessity, because the treatment was experimental , or another similar exclusion or limitation, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request.
    6. A statement that the Claimant is entitled to receive upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the Claimant’s benefit determination.
    7. A discussion of the decision to disagree with or not follow:
       a. The views presented by health professionals treating the Claimant;
       b. The views presented by medical or vocational experts whose advise was obtained on behalf of the Plan; and/or
       c. A disability determination by the Social Security Administration.

Statute of Limitations. No action at law or equity shall be brought by any Participant or Beneficiary after the expiration of one (1) year from the date the Board provides written notice of a decision on appeal of an adverse benefit determination. Failure to bring an action within this one (1) year period shall forever bar such action.

De Minimis Violations. If the Plan fails to strictly adhere to all the requirements of the claims and appeals section of the Plan with respect to the claim, the Claimant is deemed to have exhausted the administrative remedies available under the Plan, except for de minimis violations explained below. As such, the claimant is entitled to pursue any remedies under Section 502(a) of ERISA on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. If a Claimant choses to pursue remedies under Section 502(a) of ERISA under such circumstances, the claim or appeal is deemed denied on review without the exercise of discretion by an appropriate fiduciary.

The administrative remedies available under the Plan with respect to claims for disability benefits will not be deemed exhausted based on de minimis violations that do not cause and are not likely to cause, prejudice or harm to the Claimant so long as the Plan demonstrates that the violation was for good cause or due to matters beyond the control of the Plan and that the violation occurred in the context of an ongoing, good faith exchange of information between the Plan and the Claimant. This exception is not available if the violation is part of a pattern or practice of violations by the Plan. The claimant may request a written explanation of the violation from the Plan, and the Plan must provide such explanation within 10 days, including a specific description of its bases, if any, for asserting that the violation should not cause the administrative remedies available under the Plan to be deemed exhausted. If a court rejects the Claimant’s request for immediate review under this section on the basis that the Plan met the standards for the exception under this paragraph, the claim shall be considered re-filed on appeal upon the Plan’s receipt of the decision of the court. Within a reasonable time after the receipt of the decision, the Plan shall provide the claimant with notice of the resubmission.

The Fund has the right to recovery from any Participant, or any other individual or recipient of Plan benefits, any payments made as a result of misrepresentation, mistake or error, irrespective of the party causing such mistake or error.

As a participant in the Plan you are entitled to certain rights and protections under the ERISA.  ERISA provides that all Plan participants shall be entitled to:

• Examine, without charge, at the Trustees office, all Plan documents, including copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports and Plan descriptions.
• Obtain copies of all Plan documents and other Plan information upon written request to the Trustees.  The Trustees may make a reasonable charge for the copies.
• Receive a summary of the Plan’s annual financial report.  The Trustees are required by law to furnish each Participant with a copy of this summary annual report.
• Obtain, once a year, upon written request to the Trustees, a statement of the total benefits accrued under the Plan.  This statement is provided free of charge.

In addition to creating rights for participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan.  The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently in the best interest of you and other Participants and beneficiaries.

No employer or any other person may not fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.

If your claim for a Plan benefit is denied, in whole or in part, you must receive a written explanation of the reason for the denial.  You have the right to have the Trustees review and reconsider your claim.

Under ERISA there are steps you can take to enforce the above rights.  For instance, if you request materials from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court.  In such a case, the court may require the Trustees to provide the materials and pay you up to One Hundred and Ten Dollars ($110.00) a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Trustees.

If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.

If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay these costs and fees if for example, it finds your claim is frivolous.

The Trustees do not believe that it will ever be necessary for you to file suit in connection with the Plan.  However, if you feel such action is necessary, the Plan’s agent for service of legal process is the Trustees.  Legal process may also be served on the Trustees.

If you have any questions about the Plan, you should contact the Trustees.  If you have any questions about this statement or about your rights under ERISA, you should contact the nearest Office of the Employee Benefits Security Administration of the U.S. Department of Labor listed in your telephone directory or the Division of Technical Assistance and Inquires, Employee Benefits Security Administration, 200 Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration of the U.S. Department of Labor.

Name of the Plan	International Union of Operating Engineers Local 132 Annuity & Savings Plan
Type of Plan	Multi-Employer Flat Dollar Defined Contribution Plan
Union	International Union of Operating Engineers Local 132, AFL-CIO
Trust Identification Number of the Plan	55-0712315               Plan Number:  001
Plan Administrator	The Plan is administered by the Board of Trustees (the “Trustees”) appointed by the Union and the Employers who have signed the Collective Bargaining Agreement.
Trustees of the Plan	The Trustees hold Plan assets and issue benefit payments. The Trustees are as follows:
	Union Trustees		Employer Trustees
	Charles A. Parker, Chairman IUOE Local 132, AFL-CIO 606 Tennessee Avenue Charleston, WV  25362-2328		Ken E. Lake, Secretary Kokosing Construction Company 17531 Waterford Rd Fredericktown, OH  43019-9561
	William N. Huffman IUOE Local 132, AFL-CIO 606 Tennessee Avenue Charleston, WV  25362-2328		Ryan P. Boyle Mountaineer Contractors 15237 S Preston Highway Kingwood, WV  26537-7082
Legal process may be served upon one or more Trustees.
Benefits under the Plan are not eligible for insurance from the Pension Benefit Guaranty Corporation (the “PBGC), because the PBGC does not insure this Plan which is a flat dollar defined contribution Plan, not covered by IRC section 412.  Also, the Plan is a profit sharing plan as defined by IRC section 401(a).
The Plan Year commences on June 1st of each year and ends on May 31st.