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Hawaii Electricians Trust Funds

SUMMARY ANNUAL REPORT: Fiscal Year Ended September 30, 2016

The Trustees of the Hawaii Electricians Trust Funds are pleased to present these Summaries of the Annual Reports for the Trust Funds in which you may have participated in during the fiscal year ended September 30, 2016.

ANNUITY

This is a summary of the annual report for the Hawaii Electricians Annuity Plan; Employer Identification Number: 99-6020486, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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 $21,245,660. These expenses included $1,511,310 in administrative expenses and $19,734,350 in benefits paid to participants and beneficiaries. A total of 3,876 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 $296,093,221 as of September 30, 2016, compared to $267,402,280 as of October 1, 2015. During the plan year, the plan experienced an increase in its net assets of $28,690,941. 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 $49,936,601, including employer contributions of $20,663,139, gains of $1,647,852 from the sale of assets, and earnings from investments of $27,548,265.

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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Fiduciary information, including non-exempt transactions between the plan and parties in interest (that is, persons who have certain relationships with the plan); and
  5. Transactions in excess of 5 percent of the plan assets.

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 $4.40 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

ADDITIONAL EXPLANATION

The total income of the Plan of $49,936,601 as shown in the section under the heading Basic Financial Statement, includes “other income” of $77,345 which is in addition to income from employer contributions, realized gains from the sale of assets, and earnings

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HEALTH & WELFARE

This is a summary of the annual report for the Hawaii Electricians Health & Welfare Plan; Employer Identification Number: 99-0104618, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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, dental, vision, and prescription drug claims incurred under the terms of the plan.

INSURANCE INFORMATION

The plan has contracts with Pacific Guardian Life to pay life insurance/accidental death and dismemberment 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 under the terms of the plan. The total premiums paid for the plan year ending on September 30, 2016 were $1,669,682.

Because they 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 plan year ending on September 30, 2016, the premiums paid under such “experience-rated” contracts were $632,790.

BASIC FINANCIAL STATEMENT

The value of plan assets, after subtracting liabilities of the plan, was $96,206,051 as of September 30, 2016, compared to $86,566,774 as of October 1, 2015. During the plan year, the plan experienced an increase in its net assets of $9,639,277. 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 $33,394,051, including employer contributions of $24,924,952, employee contributions of $1,076,788, realized gains of $525,248 from the sale of assets, and earnings from investments of $6,773,991. Plan expenses were $23,754,774. These expenses included $2,148,000 in administrative expenses and $21,606,774 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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Transactions in excess of 5 percent of the plan assets; and
  5. Insurance information including sales commissions paid by insurance carriers.

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 $4.60 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 the annual report 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

ADDITIONAL EXPLANATION

The total income of the Plan of $33,394,051 as shown in the section under the heading Basic Financial Statement, includes “other income” of $93,072 which is in addition to income from Employer contributions, employee contributions, realized gains from the sale of assets, and earnings from investments during the plan year.

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SUPPLEMENTAL UNEMPLOYMENT BENEFIT

This is a summary of the annual report for the Hawaii Electricians Supplementary Unemployment Benefit Plan; Employer Identification Number: 99-0163846, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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 $18,708,305 as of September 30, 2016, compared to $16,744,130 as of October 1, 2015. During the plan year, the plan experienced an increase in its net assets of $1,964,175. 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 $5,123,082, including employer contributions of $4,574,071, realized gains from the sale of assets of $45,729, and earnings from investments of $495,556. Plan expenses were $3,158,907. These expenses included $290,743 in administrative expenses and $2,868,164 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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Fiduciary information, including non-exempt transactions between the plan and parties in interest (that is, persons who have certain relationships with the plan); and
  5. Transactions in excess of 5 percent of the plan assets.

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 $6.70 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

ADDITIONAL EXPLANATION

The total income of the Plan of $5,123,082 as shown in the section under the heading Basic Financial Statement, includes “other income” of $7,726 which is in addition to income from employer contributions, realized losses from the sale of assets, and earnings from investments during the plan year.

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TRAINING

This is a summary of the annual report for the Hawaii Electricians Training Plan; Employer Identification Number: 59-6005392, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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 $6,005,084 as of September 30, 2016, compared to $7,316,168 as of October 1, 2015. During the plan year, the plan experienced a decrease in its net assets of $1,311,084. 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 $2,977,912, including employer contributions of $2,345,295, realized losses from the sale of assets of ($28,369), and earnings from investments of $96,184. Plan expenses were $4,288,996. These expenses included $4,288,996 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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Fiduciary information, including non-exempt transactions between the plan and parties in interest (that is, persons who have certain relationships with the plan); and
  5. Transactions in excess of 5 percent of the plan assets.

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 $2.90 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

ADDITIONAL EXPLANATION

The total income of the Plan of $2,977,912 as shown in the section under the heading Basic Financial Statement, includes “other income” of $564,802 which is in addition to income from employer contributions, realized losses from the sale of assets, and earnings from investments during the plan year.

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VACATION & HOLIDAY

This is a summary of the annual report for the Hawaii Electricians Vacation & Holiday Plan; Employer Identification Number: 99-6015951, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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 $16,978,453 as of September 30, 2016, compared to $14,566,987as of October 1, 2015. During the plan year, the plan experienced an increase in its net assets of $2,411,466. 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 $14,872,007, including employer contributions of $14,610,297, and earnings from investments of $232,474. Plan expenses were $12,460,541. These expenses included $163,220 in administrative expenses and $12,297,321 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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Fiduciary information, including non-exempt transactions between the plan and parties in interest (that is, persons who have certain relationships with the plan); and
  5. Transactions in excess of 5 percent of the plan assets.

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 $3.40 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

ADDITIONAL EXPLANATION

The total income of the Plan of $14,872,007 as shown in the section under the heading Basic Financial Statement, includes “other income” of $29,236 which is in addition to income from Employer contributions and earnings from investments during the plan year.

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PREPAID LEGAL

This is a summary of the annual report for the Hawaii Electricians Prepaid Legal Plan; Employer Identification Number: 99-0163849, a multiemployer plan, for the plan year beginning on October 1, 2015 and ending on September 30, 2016. 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 $251,095 as of September 30, 2016, compared to $363,899 as of October 1, 2015. During the plan year, the plan experienced a decrease in its net assets of ($112,804). 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 $357, including earnings from investments of $357. Plan expenses were $113,161. These expenses included $65,872 in administrative expenses and $47,289 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:

  1. An accountant’s report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment;
  4. Fiduciary information, including non-exempt transactions between the plan and parties in interest (that is, persons who have certain relationships with the plan); and
  5. Transactions in excess of 5 percent of the plan assets.

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 $2.10 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 should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

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BENEFIT PLAN NOTICES

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:

  1. Reconstruction of the breast on which the mastectomy was performed;
  2. Surgery and reconstruction of the other breast to produce a symmetrical appearance; and
  3. Prostheses and physical complications of all stages of mastectomy, including lymphedemas.

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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