Summary Annual Report

2006 SUMMARY ANNUAL REPORT

 This is a summary of the annual report for the Pipe Fitters’ Association L.U. 597, U.A. 401(k) Plan, EIN 36-1820310, Plan No. 002, for period January 1, 2006 through December 31, 2006.  The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement 

Benefits under the plan are provided through insurance and through a trust fund.  Plan expenses were $5,364,019.  These expenses included $231,732 in administrative and investment expenses, $4,972,846 in benefits paid to participants and beneficiaries, and $159,441 in other expenses*.  A total of 4,517 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 $126,564,498 as of December 31, 2006, compared to $103,604,724 as of January 1, 2006.  During the plan year the plan experienced an increase in its net assets of $22,959,774.  This increase includes unrealized appreciation and depreciation in the value of 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 $28,323,793 including employer contributions of $290,054, employee contributions of $18,244,179, rollover contributions of $344,491, and earnings from investments of $9,343,583 and other income of $101,486. 

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. financial information and information on payments to service providers;
2. assets held for investment;
3. transactions in excess of 5% of the plan assets;
4. insurance information, including sales commissions paid by insurance carriers; and
5. information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.

To obtain a copy of the full annual report, or any part thereof, write or call Pipe Fitters Association Local 597, U.A. 401(k) Plan, 45 N. Ogden Ave., Chicago, IL  60607, 312-633-0597.  The charge to cover copying costs will be 25 cents per page. 

The plan has met the requirements to waive the annual examination and report of an independent qualified public accountant.  As of the end of the plan year, the following regulated financial institutions(s) held or issued plan assets that qualified under the waiver:  Massachusetts Mutual Life Insurance Company $125,242,699.  You have the right, upon request of the Plan Administrator and without charge, to examine or receive copies of statements from the regulated financial institutions describing the qualifying plan assets.  If you are unable to examine or obtain these documents, contact a EBSA Regional Office for assistance.  Information about contacting EBSA regional offices can be found on the Internet at http://www.dol.gov/ebsa. 

You also have the legally protected right to examine the annual report at the main office of the plan (Pipe Fitters Association Local 597, U.A. 401(k) Plan, 45 N. Ogden Ave., Chicago, IL 60607) 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 N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. 

* Corrective distributions to participants