BOARD OF TRUSTEES ENGINEERS UNION LOCAL 30 TRUST FUND has committed itself to pay certain claims incurred under the terms of the plan.

Insurance Information

The plan has contracts with THE UNION LABOR LIFE INSURANCE COMPANY, AETNA LIFE INSURANCE COMPANY and OXFORD HEALTH PLANS to pay Pooled AD&D, Life Insurance, Temporary disability, Medical, Stop loss claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2003 were $6,699,140.

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 December 31, 2003, the premiums paid under such "experience-rated" contracts were $444,712 and the total of all benefit claims paid under these experience-rated contracts during the plan year was $857,199.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $21,153,394 as of December 31, 2003, compared to $20,989,808 as of January 1, 2003. During the plan year the plan experienced an increase in its net assets of $163,586. 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. During the plan year, the plan had total income of $15,925,688 including employer contributions of $15,129,994, employee contributions of $268,064, realized losses of $17,587 from the sale of assets, and earnings from investments of $545,217.

Plan expenses were $15,762,102. These expenses included $734,288 in administrative expenses and $15,027,814 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. insurance information, including sales commissions paid by insurance
carriers.

To obtain a copy of the full annual report, or any part thereof, write BOARD OF TRUSTEES ENGINEERS UNION LOCAL 30 TRUST FUND, 115-10 MYRTLE AVENUE, RICHMOND HILL, NY 11418, (718) 847-6800.

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.

You also have the legally protected right to examine the annual report at the main office of the plan (BOARD OF TRUSTEES ENGINEERS UNION LOCAL 30 TRUST FUND, 115-10 MYRTLE AVENUE, RICHMOND HILL, NY 11418) 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.