Summary Annual Report - 2008

SUMMARY ANNUAL REPORT

 FOR PIPE FITTERS' WELFARE FUND, LOCAL 597 

This is a summary of the annual report of the Pipe Fitters' Welfare Fund, Local 597, EIN 36-2141703, Plan No. 501, for period January 1, 2008 through December 31, 2008.  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 

The value of plan assets, after subtracting liabilities of the plan, was $87,844,740 as of December 31, 2008, compared to $93,020,183 as of January 1, 2008.  During the plan year the plan experienced a decrease in its net assets of $5,175,443.  This decrease 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.  During the plan year, the plan had total income of $77,929,465 including employer contributions of $90,174,561, employee contributions of $5,054,806, realized gains of $889,248 from the sale of assets, earnings from investments of $(21,115,699) and other income of $2,926,549. 

Plan expenses were $83,104,908.  These expenses included $3,263,414 in administrative expenses and $79,841,494 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% of the plan assets; 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 Pipe Fitters' Welfare Fund, Local 597, 45 North Ogden Avenue, Chicago, IL 60607,
(312) 633-0597.  The charge to cover copying costs will be 25 cents per page. 

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 (Pipe Fitters' Welfare Fund, Local 597, 45 North Ogden Avenue, 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.

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