COMMERCIAL PENSION

• Required Distribution Date: A new participant is required to receive a summary plan description (SPD) within 90 days after becoming a participant. In the case of a participant's death, the spouse and/or designated beneficiary is required to receive an SPD within 90 days after first receiving benefits. However:

  1. For a new plan, the last date for distribution of an SPD is 120 days after the adoption date (or if later 120 days after the plan effective date).
  2. For an amended plan, the last date for distribution of a Summary of Material Modifications (SMM) or an amended SPD is 210 days after the end of the plan year in which the amended or restated plan is effective. However, some practitioners are of the opinion that the SMM or SPD should be provided no later than 60 days after the later of the adoption date or effective date of the amendment.
• Form of SPD Distribution: The SPD should be delivered by hand at the employee's work site. The SPD may also be distributed electronically by fax or e-mail, with the same applicable due date(s) as above, provided actual receipt at the participant's work site is ensured and it is made known that a free paper copy of the SPD is available. If mailed, first, second or third class mail is permitted. However, if second or third class mail is used, return and forwarding postage must be guaranteed, address correction must be requested, and any returns must either be forwarded by first class mail or delivered directly to the person. When using mail delivery, sufficient time must be allowed to assure timely delivery by the above due date(s).
• Foreign Language Employees: If as of the first day of a plan year the plan covers either (a) fewer than 100 participants, 25% or more of whom are only literate in a single common foreign language, or (b) 100 or more participants, of whom 10% or more (or 500 if less) are only literate in a single common foreign language, then if the distributed SPD is not also provided translated into that common foreign language, the English SPD must be accompanied by a notice written in the common foreign language offering assistance and clearly setting forth the procedures to be followed to obtain such assistance. Please contact our office if you need a Spanish version of the SPD.
• Filing With the Labor Department: Per the Taxpayer Relief Act of 1997, it is no longer required to submit an SPD or SMM to the Department of Labor; but if requested by the Department of Labor, one must be provided within 30 days in order to avoid a penalty of $100 per day (maximum $1,000).

Western Electrical Contractors Association, Inc. (WECA) maintains a profit sharing plan, which is named the WECA ATC Retirement Plan and which will be referred to in this summary plan description as the "Plan". The Plan was originally effective April 1, 1992.

The sponsor of the Plan is Western Electrical Contractors Association, Inc. (WECA), and this summary will sometimes refer to Western Electrical Contractors Association, Inc. (WECA) as the "Employer", "we", "us" or "our". The Plan Sponsor's address is 9719 Lincoln Village Drive, Suite 303, Sacramento, CA 95827-3330; its telephone number is (916) 453-0112; and its employer identification number is 94-0453910.

This summary, which describes the important features of the Plan in non-technical language, is intended to answer most of your questions about the Plan and replaces all prior announcements we may have made about the Plan. It nevertheless is only a summary, and if there is any conflict between the description in this summary and the terms of the Plan, the terms of the Plan will control. If you have any questions about the Plan that are not addressed in this summary, you can contact the Administrator, whose name and address is set forth in the next section.

The Plan is administered by a written plan and trust agreement, and the trustee of that agreement is responsible for the Plan’s investment policy and the management of its assets. The Trustees are the WECA ATC Board of Trustees, whose address is 9719 Lincoln Village Drive, Suite 303, Sacramento, CA 95827-3330.

All other matters concerning the operation of the Plan are the responsibility of the Administrator. The Administrator of the Plan is the Plan Committee as appointed by Western Electrical Contractors Association, Inc. (WECA) Board of Directors, whose address is 9719 Lincoln Village Drive, Suite 303, Sacramento, CA 95827-3330, and whose telephone number is (916) 453-0112.

We have assigned number 333 to the Plan. The accounting year of the Plan, called the Plan Year, begins September 1st and ends the following August 31st; and legal process can be served on either the Administrator, the Employer, or the Trustee.

Any employee of Western Electrical Contractors Association, Inc. (WECA) who is also considered an Eligible Employee will enter the Plan as a Participant on the Entry Date as of which he or she satisfies the eligibility requirements described below in General Eligibility Requirements.

All persons who are employees of the Participating Employers are considered Eligible Employees except for the following ineligible classes of employees: (1) any employee who is considered a "key employee" under IRS rules; (2) any employee who is considered a "highly compensated employee" under IRS rules; and (3) all employees except employees who are apprentices of the WECA Apprenticeship and Training Program who are not Highly Compensated or Key Employees of the approved WECA Apprentice Standards revised October 21, 1997 or as modified from time to time are excluded from participating.

If you are not already a Participant, you will be eligible to enter the Plan as a Participant upon completing 1 Hour of Service.

After you have satisfied the eligibility requirements described above in General Eligibility Requirements, you will actually enter the Plan as a Participant on the first day of the accounting period, as recognized by the applicable individual apprentice employer, in which you satisfy those requirements.

If you are not considered an Eligible Employee but later become one, you will participate in the Plan immediately if you otherwise satisfy the eligibility requirements. If you are a Participant and later become a member of an ineligible class, your Plan participation will be suspended but your Vested Interest percentage will continue to increase, and you will be entitled to an allocation for the Plan Year only to the extent of service you completed while an Eligible Employee. Upon returning to an eligible class of employees, you will immediately participate again in the Plan.

If you terminate employment but you're subsequently re-employed by us, you will re-enter the Plan as a Participant.

In determining the Vested Interest in your Account, you will be credited with a Year of Service if you complete 500 Hours of Service within a 12-consecutive month vesting computation period, which is the Plan Year.

Contributions shall be made in accordance with the Employer Rules for training Apprentices of WECA Electrical Apprenticeship and Training Committee and the standards. Each Participating Employer shall be solely responsible for making the determined contributions.

Contributions shall be allocated in accordance with the Employer Rules for training Apprentices of WECA Electrical Apprentice and Training Committee and the Standards.

If you are a Participant in the Plan, and you are in an eligible class of Employees, you will receive an allocation of any Employer contributions made for that Plan Year.

You are entitled to 100% of your Account if you reach Normal Retirement Age while you are still employed by us. Normal Retirement Age is the date you reach age 65. If you continue working for us after Normal Retirement Age, distribution of your Account will be postponed until you actually retire. You can elect to have your Account distributed in a lump sum or in installments.

If you become disabled before your Account is distributed, you are entitled to the Vested Interest in your Account. To be considered disabled, you must suffer a physical or mental condition that qualifies you for Social Security disability benefits. You can elect to have your Account distributed in a lump sum or in installments.

If you die before your Account is distributed, your beneficiary is entitled to the Vested Interest in your Account. If you are married, your spouse is designated by law to be the beneficiary of 100% of your Vested Interest. Your spouse can waive in writing his or her statutory death benefit, in which case you can name another beneficiary to receive 100% of your Vested Interest. Your beneficiary can elect to receive your death benefit in either a lump sum or in installments unless you direct through a beneficiary designation form that the benefit be distributed in a specific form.

If you terminate participation in the program with us before Normal Retirement Age, or if you terminate participation in the program with us before you die or become disabled, you will be entitled to receive the Vested Interest in your Account. Distribution will be made within an administratively reasonable time Distribution will be made within an administratively reasonable time after the close of the Plan year in which you terminate participation in the program. At the time of distribution, you can elect to have payment made in a lump sum; or in installments.

Account value $1,000 or less: When you terminate participation in the program, or if at a later date your Vested Aggregate Account (determine before taking into account your Rollover Account) is reduced to an amount not greater than $1,000 (or such lesser amount as may be designated by the Administrator), the Administrator may distribute the remaining amount in a lump sum without your consent. Such distribution, if made, will be made within an administratively reasonable time after you terminate participation in the program.

The Vested Interest in your Account is the percentage of your Account to which you are entitled at any point in time. You will have a 100% Vested Interest in your Account following the completion of 500 Hours of Service.

Your Account will be placed in the trust maintained by the Trustee, who will invest your Account in a diversified portfolio which may include stocks, bonds and mutual funds. Your Account will share in the investment performance of the trust, which is valued at least annually.

Due to the complexity and frequency of changes in the federal laws that govern benefit distributions, penalties and taxes, the following is only a brief explanation of the applicable law and IRS rules and regulations as of the date this summary is issued. You will receive additional information from us at the time of any benefit distribution, and you should consult your tax advisor to determine your personal tax situation before taking any distribution from the Plan.

Any distribution from this Plan that is eligible to be rolled over and that is directly transferred to another qualified retirement plan or to an individual retirement account (IRA) is not subject to income tax withholding. Generally, any part of a distribution from this Plan can be rolled over to another qualified plan or to an IRA unless the distribution (1) is part of a series of equal periodic payments made over your lifetime, over the lifetime of you and your beneficiary, or over a period of 10 years or more; or (2) is a minimum benefit payment which must be paid to you because you have reached age 70½. There are other distributions that cannot be rolled over, and you should contact the Administrator if you have questions about whether a distribution can be rolled over.

If you choose to have your benefit paid to you and the benefit is eligible to be rolled over, you only receive 80% of the payment. The Administrator is required by law to withhold 20% of the payment and remit it to the Internal Revenue Service as income tax withholding to be credited against your taxes. If you receive the distribution before you reach age 59½, you may also have to pay an additional 10% tax. You can still rollover all or a part of the 80% distribution that is paid to you by putting it into an IRA or into another qualified retirement plan within 60 days of receiving it. If you want to rollover 100% of the eligible distribution to an IRA or to another qualified retirement plan, you must find other money to replace the 20% that was withheld.

You cannot elect out of the 20% withholding (1) unless you are permitted (and elect) to leave your benefit in this Plan, or (2) unless you have 100% of an eligible distribution transferred directly to an IRA or to another qualified retirement plan that accepts rollover contributions.

To make a claim for benefits, you must use the procedures described below. If you feel you are not receiving benefits to which you are entitled, you must file a written claim for benefits with the Plan Administrator. You may authorize someone (such as a family member or an attorney) to make a claim on your behalf. The Administrator will review your claim and determine whether your claim should be granted. The Administrator will notify you of its decision within 90 days after receiving your written claim. In certain cases, the Administrator may take up to an additional 90 days (for a total of 180 days) to review your claim. If the Administrator needs additional time to review your claim, you will be notified in writing within the initial 90-day period. If your claim is denied, you will receive a written or electronic notice explaining why your claim was denied. If additional information is needed, the notice will describe the information that is needed and will explain why it is needed. The notice will explain your right to request a review of the claim denial and your right to request arbitration if you request a review and your claim continues to be denied on review.

If your claim is denied, you can request a review of the denial as described below. If you do not request a review, the denial will be final, binding, and non-appealable. Your request for a review must be made in writing to the Administrator (or if we have appointed a separate Committee to oversee the Plan, to the Committee) within 60 days after you receive the Administrator's written or electronic notice of denial. If you request a review within this time period, the Administrator/Committee will review the claim and denial and, after a full and fair review, determine whether your claim should continue to be denied. As part of the review, you have the right to submit written comments, documents, records and other information relating to your claim. You also have the right to request copies of any records or other information relevant to your claim. These copies will be provided to you free of charge. In reviewing your claim and its denial by the Administrator, the Administrator/Committee will consider all information that you have provided, whether or not the Administrator reviewed the information in deciding your claim.

The Administrator/Committee will notify you of its decision. Generally, you will receive a written or electronic notice within 60 days after the Administrator/Committee receives your written request for review. However, in certain cases, the Administrator/Committee may need additional time to review your claim. If additional time is needed, the Administrator/Committee may take up to an additional 60 days (for a total of 120 days) to review your claim. If the Administrator/Committee needs additional time to review your claim, you will be notified in writing within the initial 60-day period. Also, if the Administrator/Committee meets once every calendar quarter (or more often), it may wait until its next regularly scheduled meeting (or the regularly scheduled meeting following the next regularly scheduled meeting, if your request is not received more than 30 days prior to the next regularly scheduled meeting) to review your claim.

If special circumstances require an extension, you will receive a written notice within the initial period. If the extension is needed because you have not given the Administrator/Committee information it needs to review your claim, then the time period for the Administrator/Committee to review your claim may be suspended (i.e., not run) until you provide the requested information. If your claim is denied on review, you will receive a written or electronic notice explaining why your claim was denied. The notice will explain your right to receive, upon request and free of charge, copies of any documents and other information relevant to your claim. The notice also will explain your right to request arbitration. If your claim is denied on review by the Administrator/Committee, you can request arbitration as described below. If you do not request arbitration, the Administrator/Committee's decision will be final, binding, and non-appealable.

A written request for arbitration must be filed with the Administrator/Committee within 15 days after you receive the Administrator/Committee's decision. You and the Administrator/Committee must each name an arbitrator within 20 days after the Administrator/Committee receives your written request for arbitration, and the two arbitrators must jointly name a third arbitrator. The arbitrators must then render a decision within 60 days after their appointment. The losing party must pay all costs of arbitration unless the decision is not clearly in favor of one party or the other, in which case the costs would be allocated as the arbitrators decide. The decision of the arbitrators is final, binding, and non-appealable.

In general, your creditors cannot garnish or levy upon your Account, and you cannot sell, transfer, assign, or pledge your Account. However, if you and your spouse separate or divorce, a court can direct through a qualified domestic relations order that up to 100% of your Account be transferred to another person (usually your ex-spouse or your children). The Plan has a procedure for processing domestic relations orders, which you can obtain from the Administrator.

The Plan is intended to be permanent, but the Employer can amend or terminate it at any time. Upon termination, all Participants will have a 100% Vested Interest in their Accounts as of the date of termination, and all Accounts will be distributed. If the Plan is amended or terminated, each Participant and each beneficiary receiving benefits will be notified in writing.

Your Account is not insured by the Pension Benefit Guaranty Corporation (PBGC) because the insurance provisions of the Employee Retirement Income Security Act do not apply to profit sharing plans. For more information on PBGC coverage, ask the Administrator or the PBGC. Written inquiries to the PBGC should be addressed to the Technical Assistance Division, PBGC, 1200 K Street NW, Suite 930, Washington, D.C. 20005-4026, or you can call (202) 326-4000.

If the Administrator notifies a Participant or beneficiary that he or she is entitled to receive a benefit and the Participant or beneficiary fails to make his or her whereabouts known in writing to the Trustee or Administrator or otherwise fails to claim the benefit, the benefit will be (1) treated as a forfeiture; or (2) directly rolled to an IRA established by the Administrator on behalf of the missing Participant or beneficiary; or (3) escheated to the State of California.

The Plan routinely incurs expenses for services rendered by lawyers, actuaries, accountants, third party administrators, and other Plan advisors. Some of these expenses may be paid by us directly on behalf of the Plan while others may be paid from Plan assets. The expenses that are paid from Plan assets will either be shared by all Participants or will be charged directly to the Account of the Participant on whose sole behalf the expense is incurred.

Expenses shared by all Participants will be paid either on a pro-rata basis or on an equal dollar basis. If the expense is paid on a pro-rata basis, an amount will be deducted from your Account based on its value as compared to the total value of all Participants' Accounts. For example, if the Plan pays $1,000 of expenses and your Account constitutes 5% of the total value of all Accounts, $50 would be deducted from your Account ($1,000 x 5%) for its share of the expense. On the other hand, if the expense is paid on an equal dollar basis, the expense is divided by the number of Participants and then the same dollar amount is deducted from each Participant's Account.

Any expenses incurred by the Plan on your behalf to perform the administrative functions listed below will be paid directly from your Account. The amount for some of these functions may be fixed from time to time while the amount for other functions may simply be a pass-through of the amount charged to the Plan at the time by any third parties (e.g., lawyers, actuaries, etc.) whose services are necessary to perform that function. Full term graduates will be excluded from the following:

• Normal Distribution: The amount charged to the Plan by the third party.
• Required Minimum Distribution: The amount charged to the Plan by the third party.
• Review and Processing of a Domestic Relations Order: The amount charged on an hourly basis by the third party to review and process a qualified domestic relations order.
• Maintaining an Undistributed Account for a Terminated Participant: The amount charged to the Plan by the third party.

If your Vested Interest in the Plan (excluding your Rollover Contributions) doesn't exceed $5,000 on the date you terminate employment with us, then your entire Vested Interest (including your Rollover Contributions) will be distributed from the Plan as soon as administratively feasible after the date you terminate employment. You can elect to receive this "mandatory" distribution in a lump sum payment or you can elect to have us pay your entire Vested Interest directly to an individual retirement account (IRA) designated by you.

But if the amount to be distributed exceeds $1,000 and you fail to elect either a lump sum payment or a direct rollover to your own designated IRA, we will automatically pay your entire Vested Interest to an IRA we establish at a qualified financial institution. In establishing the IRA, we will select the IRA trustee, custodian or issuer and we will make the initial investment choices with the objective of preserving the principal and providing a reasonable rate of return. If your Vested Interest is transferred to an IRA under this "automatic rollover" requirement, you will be given more information at that time regarding the IRA trustee, custodian or issuer, and any fees or expenses associated with the IRA.

As a Participant in the WECA ATC Retirement Plan (the “Plan”), you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants are entitled to:

1. Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as work-sites and union halls, all Plan documents, including insurance contracts, collective bargaining agreements and copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports and Plan descriptions.
2. Obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator. The Administrator may make a reasonable charge for the copies.
3. Receive a summary of the Plan's annual financial report. The Plan Administrator is required by law to furnish each Participant with a copy of this summary annual report.
4. Obtain a statement telling you whether you have a right to receive a pension at Normal Retirement Age and if so, what your benefits would be at Normal Retirement Age if you stop working under the Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once a year. The Plan must provide the statement free of charge.

In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, who are called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA.

If your claim for a pension benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the Plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits that is denied, in whole or in part, you have the right to use the Plan's claim procedures to request review of the claim and to request arbitration if your claim continues to be denied, in whole or in part, on review. If your claim for benefits is ignored, you may file suit in a state or Federal court.

If it should happen that Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

If you have any questions about your Plan, you should contact the Administrator. If you have any questions about this statement or your rights under ERISA, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.

For even more information, you can also contact the U.S. Department of Labor at its internet website at http://www.dol.gov/ebsa/publications/wyskapr.html where you can review a publication called "WHAT YOU SHOULD KNOW ...about your pension rights". If you would like a copy of that publication, you can call the Department of Labor toll free at (866) 444-3272.

Does the plan allow for loans or hardship withdrawals?
No, the plan does not allow for loans or hardship withdrawals.

What happens if I leave the apprentice program? When can I get my retirement money?
If you leave for a reason other than death, disability or retirement, you will be entitled to a distribution of your vested account balance, as soon as administratively feasible after the latest of:

• a) The close of the Plan Year ending after the plan year in which you graduate from the program; or
• b) The close of the Plan Year ending after the plan year in which there occurs a qualifying event, but in no case later than the day you attain Normal Retirement Age; or
• c) The receipt by the Plan Administrator of written election from you or your Beneficiary in the case of death benefit; or
• d) The date specified by you for commencement of benefits or your Beneficiary in the case of death benefit.

• Date of Graduation or Termination: 06/20/06
• Plan Year End following the above: 08/31/06

Why do I have to wait six (6) months for my distribution after I request it?
Because this is a qualified retirement plan, it is subject to IRS regulations. One regulation requires an independent accounting firm to audit the plan each year following the completion of the plan administration. The annual administration and audit take approximately 6 months to complete. Distributions cannot be made until this process is completed.

Can I leave my money in the plan after I leave the apprenticeship program?
Yes, however, if your account is under $1,000, you will be cashed out if you do not return your signed forms within 45 days and you will receive a distribution less tax withholding.

Does the plan allow for loans or hardship withdrawals?
No, the plan does not allow for loans or hardship withdrawals.

When will I be notified that I am able to receive my retirement account after I leave the apprenticeship program?
You will be sent a distribution election package as soon as you meet the timing of the distribution policy of the Plan (see question 3). Remember that you must always notify WECA if you change your address. If WECA does not have your current address, you will not receive your distribution election package.
All apprentices that are eligible to receive distribution paperwork following the August 31, 2006 year-end will receive paperwork within 3 weeks following the receipt of your participant statement.

Whom do I contact if I have distribution questions?
Participant Services Group
Polycomp Administrative Services, Inc.
(800) 952-8800