Summary Annual Report

SUMMARY ANNUAL REPORT 

FOR PIPE FITTERS' ASSOCIATION L.U. 597, U.A. 401(K) PLAN 

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, 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 

Benefits under the plan are provided through insurance and through a trust fund.  Plan expenses were $6,241,459.  These expenses included $302,477 in administrative expenses, $5,699,628 in benefits paid to participants and beneficiaries, and $239,354 in other expenses.  A total of 7,336 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 $147,853,786 as of December 31, 2008, compared to $148,857,302 as of January 1, 2008.  During the plan year the plan experienced a decrease in its net assets of $1,003,516.  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.  The plan had total income of $5,237,943 including employer contributions of $6,793,843, employee contributions of $23,913,716, rollover contributions of $573,536, realized losses of $42,500 from the sale of assets, earnings from investments of $(26,222,458) and other income of $221,806. 

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. 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 participate. 

To obtain a copy of the full annual report, or any part thereof, write or call Pipe Fitters Association Local 597, 45 N. Ogden, 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 Association Local 597, 45 N. Ogden, 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.