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Hawaii Electricians Trust Funds SUMMARY ANNUAL REPORT The Trustees of the Hawaii Electricians Trust Funds are pleased to present these Summaries of the Annual Reports for Trust Funds in which you may have participated in during the fiscal year ended September 30, 2003.
This is a summary of the annual report for the Hawaii Electricians Pension Fund ; Employer Identification Number: 99-6005391, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). BASIC FINANCIAL STATEMENT Benefits under the plan are provided by a Trust. Plan expenses were $14,820,479. These expenses included $1,060,869 in administrative expenses and $13,759,610 in benefits paid to participants and beneficiaries. A total of 2,392 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits. The value of plan assets, after subtracting liabilities of the plan, was $156,593,976 as of September 30, 2003, compared to $149,720,847 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $6,873,129. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $21,693,608, including employer contributions of $4,912,962, losses of ($7,846,839) from the sale of assets, and earnings from investments of $24,612,527. MINIMUM FUNDING STANDARDS An actuary's statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a copy of the full annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $5.70 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION In addition to income from employer contributions, losses from the sale of assets, and earnings from investments, the Plan also realized "other income" totaling $14,958 during the plan year.
This is a summary of the annual report for the Hawaii Electricians Annuity Fund; Employer Identification Number: 99-6020486, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). BASIC FINANCIAL STATEMENT Benefits under the plan are provided by a Trust. Plan expenses
were $11,761,673. These expenses included $1,065,578 in administrative
expenses and $10,696,095 in benefits paid to participants and
beneficiaries. A total of 2,361 persons were participants in or beneficiaries
of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits. The value of plan assets, after subtracting liabilities of the plan, was $165,628,235 as of September 30, 2003, compared to $151,686,230 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $13,942,005. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $25,703,678, including employer contributions of $8,727,545, losses of ($675,963) from the sale of assets, and earnings from investments of $17,651,656. BASIC FINANCIAL STATEMENT Enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any
part thereof, on request. The items listed below are included in that
report:
To obtain a copy of the full annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $4.30 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION In addition to income from employer contributions, losses from the sale of assets, and earnings from investments, the Plan also realized "other income" totaling $440 during the plan year.
This is a summary of the annual report for the Hawaii Electricians Health & Welfare Fund; Employer Identification Number: 99-0104618, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Trustees of the Fund has committed itself to pay certain medical, surgical, hospital, second year of disability, annual physical exams, and vision care benefit claims incurred under the terms of the plan. INSURANCE INFORMATION The plan has contracts with Pacific Guardian Life to pay life insurance benefits and to pay weekly disability benefits for the first year claims incurred under the terms of the plan, Hawaii Dental Service to pay dental benefits, and Hawaii Medical Service Association (HMSA) to pay medical benefits for qualified retirees with Medicare. The total premiums paid for the policy or contract periods ending within the plan year ending on September 30, 2003 were $2,312,369. Because the contracts with Pacific Guardian Life and Hawaii Dental Service are so-called "experience-rated" contracts, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the policy or contract periods ending within the plan year ending on September 30, 2003, the premiums paid under such experience-rated contracts were $1,767,550 and the total of all benefit claims paid under these experience-rated contracts during the policy year was $1,341,490. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $27,211,121 as of September 30, 2003, compared to $27,015,517 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $195,604. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $10,136,243, including employer contributions of $8,011,874, employee contributions of $893,865, realized losses of ($819,292) from the sale of assets, and earnings from investments of $2,049,796. Plan expenses were $9,940,639. These expenses included $556,729 in administrative expenses and $9,383,910 in benefits paid to participants and beneficiaries. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a full copy of the annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $5.10 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210.
This is a summary of the annual report for the Hawaii Electricians Supplemental Unemployment Benefit Fund; Employer Identification Number: 99-0163846, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Trustees of the Fund has committed itself to pay all SUB benefit claims incurred under the terms of the plan. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $10,721,980 as of September 30, 2003, compared to $10,642,520 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $79,460. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $2,305,544, including employer contributions of $1,992,779, losses from the sale of assets of ($71,428), and earnings from investments of $384,193. Plan expenses were $2,226,084. These expenses included $135,886 in administrative expenses and $2,090,198 in benefits paid to participants and beneficiaries. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a full copy of the annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $2.00 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210.
This is a summary of the annual report for the Hawaii Electricians Training Fund; Employer Identification Number: 99-6005392, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Trustees of the Fund has committed itself to pay all apprenticeship, journeyman training, safety, and general education benefit expenses and claims incurred under the terms of the plan. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $2,437,367 as of September 30, 2003, compared to $2,161,008 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $276,359. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $1,267,797, including employer contributions of $1,141,261, losses from the sale of assets of ($16,913), and earnings from investments of $77,910. Plan expenses were $991,438. These expenses included $812,874 in administrative expenses and $178,564 in benefits paid to participants and beneficiaries. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a full copy of the annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $1.80 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION In addition to income from employer contributions, losses from the sale of assets, and earnings from investments, the Plan also realized "other income" totaling $65,539 during the plan year.
This is a summary of the annual report for the Hawaii Electricians Vacation & Holiday Fund; Employer Identification Number: 99- 6015951, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Trustees of the Fund has committed itself to pay all vacation and holiday benefit claims incurred under the terms of the plan. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $8,343,285 as of September 30, 2003, compared to $7,295,368 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $1,047,917. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $6,657,390, including employer contributions of $6,469,460, losses from the sale of assets of ($16,456), and earnings from investments of $204,386. Plan expenses were $5,609,473. These expenses included $172,489 in administrative expenses and $5,436,984 in benefits paid to participants and beneficiaries. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a full copy of the annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $3.00 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210.
This is a summary of the annual report for the Hawaii Electricians Prepaid Legal Fund; Employer Identification Number: 99-0163849, for the plan year beginning on October 1, 2002 and ending on September 30, 2003. The annual report has been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Trustees of the Fund has committed itself to pay all legal services claims incurred under the terms of the plan. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $455,689 as of September 30, 2003, compared to $397,195 as of October 1, 2002. During the plan year, the plan experienced an increase in its net assets of $58,494. This increase includes unrealized appreciation or depreciation in the value of the plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $252,841, including employer contributions of $239,556 and earnings from investments of $2,642. Plan expenses were $194,347. These expenses included $194,347 in administrative expenses. YOUR RIGHTS TO ADDITIONAL INFORMATION You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
To obtain a full copy of the annual report, or any part thereof, write or call the office of Travis Umemoto, who is the Administrator, 1935 Hau Street, Room 300, Honolulu, Hawaii 96819-5003, telephone: (808) 841-6169. The charge to cover copying costs will be $1.80 for the full annual report, or $.10 per page for any part thereof. You also have the right to receive from the plan administrator on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine these documents at the main office of the plan located at 1935 Hau Street, Room 300, Honolulu, Hawaii 96819, and at the U. S. Department of Labor in Washington, D. C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefits Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION In addition to income from employer contributions and earnings from investments, the Plan also realized "other income" totaling $10,643 during the plan year.
Hawaii Electricians Health & Welfare Fund Participant Notice Women's Health and Cancer Rights Act of 1998 Requires Coverage for Reconstructive Surgery After Mastectomies On October 21, 1998, President Clinton signed the Women's Health and Cancer Rights Act of 1998, which is part of the Omnibus Appropriations Bill. The Act requires that plans, which provide medical and surgical benefits for mastectomies, must also cover certain reconstructive surgery, as described below. This notice is to inform you that the Hawaii Electricians Health and Welfare Fund's Comprehensive Medical Group Plan complies with this Act. The Comprehensive Medical Group Plan, which currently covers mastectomies, provides coverage for the following services, as determined in consultation with the attending physician and the patient:
Coverage for the above-mentioned services is subject to any plan deductibles and coinsurance provisions that may apply. If you should have any questions regarding coverage for mastectomies or reconstructive surgery, please call the Administrative Office at 841-6169 or for neighbor islands (toll free) 1-800-622-3830. | |
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