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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, 2008. The original Summary Annual Report for the Fiscal Year Ended September 30, 2008 which was mailed out to all members contained a typographical error under the “Basic Financial Statement” section of the Pension Fund. The Plan expenses of the Pension Fund included $990,770 in administrative expenses, not $990,7700 as typed in the Summary Annual Report.
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, 2007 and ending on September 30, 2008. 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 $16,580,040. These expenses included $990,770 in administrative expenses and $15,589,270 in benefits paid to participants and beneficiaries. A total of 2,872 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 $169,118,112 as of September 30, 2008, compared to $195,584,552 as of October 1, 2007. During the plan year, the plan experienced a decrease in its net assets of ($26,466,440). 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. The plan had total income of ($9,886,400), including employer contributions of $9,721,649, gains of $6,377,643 from the sale of assets, and earnings from investments of ($26,002,655). 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,ntelephone: (808) 841-6169. The charge to cover copying costs will be $8.30 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 ($9,886,400) as shown in the section under the heading Basic Financial Statement, includes “other income” of $16,963 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, 2007 and ending on September 30, 2008. 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 $15,381,459. These expenses included $831,377, in administrative expenses and $14,550,082 in benefits paid to participants and beneficiaries. A total of 3,292 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 $218,302,402 as of September 30, 2008, compared to $241,316,980 as of October 1, 2007. During the plan year, the plan experienced a decrease in its net assets of ($23,014,578). 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. The plan had total income of ($7,633,119), including employer contributions of $15,275,337, gains of $11,881,882 from the sale of assets, and earnings from investments of ($34,853,586). 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 $7.00 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 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 ($7,633,119) as shown in the section under the heading Basic Financial Statement, includes “other income” of $63,248 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, 2007 and ending on September 30, 2008. 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, 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, 2008 were $1,129,631. 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, 2008, the premiums paid under such experience-rated contracts were $72,249. BASIC FINANCIAL STATEMENT The value of plan assets, after subtracting liabilities of the plan, was $48,235,698 as of September 30, 2008, compared to $36,917,880 as of October 1, 2007. During the plan year, the plan experienced an increase in its net assets of $11,317,818. 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 $24,205,112, including employer contributions of $25,276,456, employee contributions of $925,114, realized gains from the sale of assets of $207 and earnings from investments of ($3,266,561). Plan expenses were $12,887,294. These expenses included $564,522 in administrative expenses and $12,322,772 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 $8.60 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 $24,205,112 as shown in the section under the heading Basic Financial Statement, includes “other income” of $1,269,896 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, 2007 and ending on September 30, 2008. 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 $15,585,667 as of September 30, 2008, compared to $14,758,715 as of October 1, 2007. During the plan year, the plan experienced an increase in its net assets of $826,952. 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 $3,701,366, including employer contributions of $3,623,648, gains from the sale of assets of $170,525, and earnings from investments of ($397,580). Plan expenses were $2,874,414. These expenses included $151,995 in administrative expenses and $2,722,419 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 $3.50 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 $3,701,366 as shown in the section under the heading Basic Financial Statement, includes “other income” of $304,773 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, 2007 and ending on September 30, 2008. 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 $8,884,073 as of September 30, 2008, compared to $6,550,320 as of October 1, 2007. During the plan year, the plan experienced an increase in its net assets of $2,333,753. 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 $3,395,101, including employer contributions of $3,001,252, gains from the sale of assets of $23,047, and earnings from investments of $52,510. Plan expenses were $1,061,348. These expenses included $1,061,348 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 $3,395,101 as shown in the section under the heading Basic Financial Statement, includes “other income” of $314,123 and “other contributions” of $4,169 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, 2007 and ending on September 30, 2008. 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 $14,364,868 as of September 30, 2008, compared to $12,633,238 as of October 1, 2007. During the plan year, the plan experienced an increase in its net assets of $1,731,630. 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 $11,523,700, including employer contributions of $11,119,644, losses from the sale of assets of ($5,225), and earnings from investments of $408,902. Plan expenses were $9,792,070. These expenses included $230,513 in administrative expenses and $9,561,557 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 $3.20 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 $11,523,700 as shown in the section under the heading Basic Financial Statement, includes “other income” of $379 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, 2007 and ending on September 30, 2008. 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 $579,060 as of September 30, 2008, compared to $618,179 as of October 1, 2007. During the plan year, the plan experienced a decrease in its net assets of ($39,179). 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 $120,317, including employer contributions of $102,068 and earnings from investments of $18,249. Plan expenses were $159,436. These expenses included $80,790 in administrative expenses, and $78,646 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.
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.
INTRODUCTION This notice, which federal law requires all multiemployer plans to send annually, includes important information about the funding level of the Hawaii Electricians Pension Plan; Plan Number: 002; Employer Identification Number: 99-6005391. This notice also includes information about rules governing insolvent plans and benefit payments guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a federal agency. This notice is for the plan year beginning October 1, 2007 and ending September 30, 2008. PLAN’S FUNDING LEVEL The Plan’s “funded current liability percentage” for the Plan Year was 72.5%. In general, the higher the percentage, the better funded the plan. The funded current liability percentage, however, is not indicative of how well a plan will be funded in the future or if it terminates. Whether this percentage will increase or decrease over time depends on a number of factors, including how the plan’s investments perform, what assumptions the plan makes about rates of return, whether employer contributions to the fund increase or decline, and whether benefits payments from the fund increase or decline. PLAN’S FINANCIAL INFORMATION The market value of the Plan’s assets as of September 30, 2008 was $169,118,112. The total amount of benefit payments for the Plan Year was $15,589,270. The ratio of assets to benefit payments is 10.8. This ratio suggests that the Plan’s assets could provide for approximately 10.8 years of benefit payments in annual amounts equal to what was paid out in the Plan Year. However, the ratio does not take into account future changes in total benefit payments or Plan assets. RULES GOVERNING INSOLVENT PLANS Federal law has a number of special rules that apply to financially troubled multiemployer plans. Under so called “plan reorganization rules,” a plan with adverse financial experience may need to increase required contributions and may, under certain circumstances, reduce benefits that are not eligible for the PBGC’s guarantee (generally, benefits that have been in effect for less than 60 months). If a plan is in reorganization status, it must provide notification that the plan is in reorganization status and that, if contributions are not increased, accrued benefits under the plan may be reduced or an excise tax may be imposed (or both). The law requires the plan to furnish this notification to each contributing employer and the labor organization. Despite the special plan reorganization rules, a plan in reorganization nevertheless could become insolvent. A plan is insolvent for a plan year if its available financial resources are not sufficient to pay benefits when due for the plan year. An insolvent plan must reduce benefit payments to the highest level that can be paid from the plan’s available financial resources. If such resources are not enough to pay benefits at a level specified by law (see Benefit Payments Guaranteed by the PBGC, below), the plan must apply to the PBGC for financial assistance. The PBGC, by law, 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 notification of the insolvency 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 as a result of the insolvency, including loss of a lump sum option. This information will be provided for each year the plan is insolvent. BENEFIT PAYMENTS GUARANTEED BY THE PBGC The maximum benefit that the PBGC guarantees is set by law. Only vested benefits are guaranteed. 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 $500, 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 ($500/10), which equals $50. The guaranteed amount for a $50 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). In calculating a person’s monthly payment, the PBGC will disregard any benefit increases that were made under the plan within 60 months before the earlier of the plan’s termination or insolvency. Similarly, the PBGC does not guarantee pre-retirement death benefits to a spouse or beneficiary (e.g., a qualified preretirement survivor annuity) if the participant dies after the plan terminates, benefits above the normal retirement benefit, disability benefits not in pay status, or non-pension benefits, such as health insurance, life insurance, death benefits, vacation pay, or severance pay. WHERE TO GET MORE INFORMATION For more information about this notice, you may contact Hawaii Electricians Pension Fund, Travis Umemoto, Administrator, at 1935 Hau Street, Room 300, Honolulu, HI 96819-5003; telephone number (808) 841-6169. For more information about the PBGC and multiemployer 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). ADDITIONAL EXPLANATION As a result of regulations issued by the Department of Labor’s Employee Benefits Security Administration, this Plan Year is the first year for which this annual funding notice is required to be provided to you. | |
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