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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, 2007.
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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $16,185,032. These expenses included $1,045,215 in administrative expenses and $15,139,817 in benefits paid to participants and beneficiaries. A total of 2,742 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 $195,584,552 as of September 30, 2007, compared to $179,732,245 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $15,852,307. 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 $32,037,339, including employer contributions of $8,495,363, gains of $6,599,487 from the sale of assets, and earnings from investments of $16,783,085. 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 $6.70 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION The total income of the Plan of $32,037,339 as shown in the section under the heading Basic Financial Statement, includes “other income” of $159,404 which is in addition to income from Employer contributions, gains from the sale of assets, and earnings from investments 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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $14,550,066. These expenses included $989,234, in administrative expenses and $13,560,832 in benefits paid to participants and beneficiaries. A total of 3,056 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 $241,316,980 as of September 30, 2007, compared to $213,625,788 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $27,691,192. 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 $42,241,258, including employer contributions of $13,351,768, gains of $6,837,006 from the sale of assets, and earnings from investments of $21,846,816. 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 $7.40 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION The total income of the Plan of $42,241,258 as shown in the section under the heading Basic Financial Statement, includes “other income” of $205,668 which is in addition to income from Employer contributions, gains from the sale of assets, and earnings from investments 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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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, prescription drug, second year of disability, annual physical exams, vision care, and dental 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 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, 2006 were $1,043,357. Because the contract with Pacific Guardian Life is a so-called “experience-rated” contract, 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, 2007, the premiums paid under such experience-rated contracts were $64,916. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $36,917,880 as of September 30, 2007, compared to $31,786,577 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $5,131,303. 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 $17,675,454, including employer contributions of $13,969,205, employee contributions of $975,526, realized gains from the sale of assets of $192,759 and earnings from investments of $1,664,746. Plan expenses were $12,544,151. These expenses included $584,006 in administrative expenses and $11,960,145 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 $6.30 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. Additional EXPLANATION The total income of the Plan of $17,675,454 as shown in the section under the heading Basic Financial Statement, includes “other income” of $873,218 which is in addition to income from Employer contributions, gains from the sale of assets, and earnings from investments during the plan year.
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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $14,758,715 as of September 30, 2007, compared to $12,762,393 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $1,996,322. 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 $4,117,327, including employer contributions of $3,185,834, gains from the sale of assets of $129,281, and earnings from investments of $526,687. Plan expenses were $2,121,005. These expenses included $117,682 in administrative expenses and $2,003,323 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 $3.70 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. Additional EXPLANATION The total income of the Plan of $4,117,327 as shown in the section under the heading Basic Financial Statement, includes “other income” of $275,525 which is in addition to income from Employer contributions, gains from the sale of assets, and earnings from investments during the plan year.
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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $6,550,320 as of September 30, 2007, compared to $4,755,982 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $1,794,338. 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 $2,838,581, including employer contributions of $2,447,522, losses from the sale of assets of ($1,668), and earnings from investments of $76,940. Plan expenses were $1,044,243. These expenses included $1,044,243 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 $1.90 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION The total income of the Plan of $2,838,581 as shown in the section under the heading Basic Financial Statement, includes “other income” of $313,159 and “other contributions” of $2,628 which are in addition to income from Employer contributions, gains (losses) from the sale of assets, and earnings from investments 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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $12,633,238 as of September 30, 2007, compared to $10,867,526 as of October 1, 2006. During the plan year, the plan experienced an increase in its net assets of $1,765,712. 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 $10,164,752, including employer contributions of $9,714,891, losses from the sale of assets of ($5), and earnings from investments of $448,106. Plan expenses were $8,399,040. These expenses included $176,156 in administrative expenses and $8,222,884 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 $2.20 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210. ADDITIONAL EXPLANATION The total income of the Plan of $10,164,752 as shown in the section under the heading Basic Financial Statement, includes “other income” of $1,760 which is in addition to income from Employer contributions, losses from the sale of assets, and earnings from investments during the plan year.
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, 2006 and ending on September 30, 2007. The annual report has been filed with the Employee Benefits Security 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 $618,179 as of September 30, 2007, compared to $646,608 as of October 1, 2006. During the plan year, the plan experienced a decrease in its net assets of ($28,429). This decrease 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 $115,232, including employer contributions of $84,977 and earnings from investments of $30,255. Plan expenses were $143,661. These expenses included $83,469 in administrative expenses, and $60,192 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 $1.70 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 N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, Washington, D.C. 20210.
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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