National (Industrial) Pension Fund
Annual Report Summary   

This is a summary of the annual report for the Laborers' International Union of North America National (Industrial) Pension Fund, EIN:52-6074345, for the year ended December 31, 1998.  The annual report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided by a trust fund.  Plan expenses were $26,052,500.  These expenses included $22,637,171 in benefits paid to participants and beneficiaries as well as $1,367,720 in administrative expenses and $2,047,609, in investment expenses.  A total of 29,186 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 rights to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $530,344,145 as of December 31, 1998, as compared to 467,333,206 as of January 1, 1998.   During the plan year the plan experienced and increase in its net assets of $63,010,939.  This increase included unrealized appreciation of $41,421,709 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 a total income of $89,063,439 including employer contributions of $22,943,747, employee contributions of $124,367, gains of $9,444,336 from the sale of investments, and earnings from investments of $56,550,989.

Enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.

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.

• An accountant's report
• Assets held for investments
• Transactions in excess of 5% of plan assets
• Actuarial information regarding funding of the plan

To obtain a copy of the Full Annual Report, or any part thereof, write or call the Fund Administrator at the address or phone number above.  The charge to cover copying costs is $6.75 for the Full Annual Report or 15 cents per page for any part thereof.  You also have the right to receive from the Fund 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 Fund Administrator, these two statements and accompanying notes will be included as part of the report.

Next annual report will be posted in the Fall of 2000.