SUMMARY ANNUAL REPORT
This is a summary of the annual report
for the CWA/ITU Negotiated Pension Plan, EIN 13-6212879-001, for the year
ended December 31, 2006. The annual report has been filed with Employee
Benefits Security Administration, as required under the Employee Retirement
Income Security Act of 1974 (ERISA).
The value of Plan assets was $1,073,832,981
as of December 31, 2006, compared to $1,014,808,959 as of January 1, 2006.
During the year the Plan experienced an increase in its net assets of $59,024,022.
This increase includes unrealized appreciation or 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 $146,026,954, including employer contributions of $16,985,357,
gains of $13,360,459 from the sale of assets, and earnings from investments
of $115,681,138.
MINIMUM
FUNDING STANDARDS
The actuary's statement shows that
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
Your rights to benefits under the
Plan are set forth in the Summary Plan Description (SPD). You can
access an up-to-date SPD, as well as Plan forms and other information,
on the Plan's website at www.cwaitu.com.
Or you can contact the Plan Office.
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;To obtain a copy of the full annual report, or any part thereof, write or call the Plan Office at 831 S. Nevada Ave., Suite 120, Colorado Springs, CO 80903 (toll free 1-877-429-2488). The charge to cover copying costs will be $10 for the full annual report or $.25 per page for any part thereof. You also have the right to receive from the Plan Administrator, on request and at no charge, a statement of the assets and liabilities, a statement of income and expenses, and accompanying notes. 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.
2. financial information and information on payments to service providers;
3. assets held for investment;
4. fixed income obligations in default;
5. transactions in excess of 5% of the Plan assets;
6. information regarding common or collective trusts, pooled separate
accounts, and 103-12 investment entities in which the Plan participates;
7. actuarial information regarding the funding of the Plan.
You also have the legally protected
right to examine the annual report at the Plan Office, 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 N-1513,
Employee Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue, N.W., Washington, D.C. 20210.
TO ALL PARTICIPANTS
WHO HAVE REACHED AGE 65
OR WILL
REACH AGE 65 WITHIN THE NEXT YEAR
If you are a vested participant in the Plan, age 65 or older, and are retired from the industry, you are eligible for a pension benefit and you should obtain an application for pension from the Plan Office. If you continue to work past age 65 in the industry, in the same trade or craft and the geographic area covered by the Plan, and you work more than ten days per month, you can begin to receive a pension when you stop working by filing an application. Plan provisions require you to begin receiving your pension on April 1 of the year following the date you reach age 70 1/2, even if you continue to work. You will need to apply then.
If
you are age 65 or over and have not yet applied for a pension, the Plan
will presume you have continued to work after age 65 until the time you
apply unless you inform the Plan in writing once each year that you have
been unemployed the previous twelve months or that your employment has
been outside the industry, your trade, craft, or the Plan's geographic
area. Applicable Department of Labor regulations on this subject
may be found in Section 2530.203-3 of Title 29 of the Code of Federal Regulations.
If you believe that you are entitled to begin benefit payments, you should
write to the Plan Office.
TO ALL PENSIONERS
This is a reminder that you may choose whether or not to have taxes withheld. Benefits under the Plan are taxable income to the recipient. (The IRS may charge a penalty if your tax withholding or estimated tax payments are not sufficient to cover your tax liability.) If you desire withholding, please advise the Plan Office in writing of the dollar amount. If you have made an election previously, it will remain in effect until changed or revoked, which you may do by notifying the Plan Office. If you have not made an election, we will use the classification of a married individual claiming three withholding allowances to determine whether or not to withhold federal tax from your pension. This will NOT result in any tax withholding unless your monthly pension from this Plan exceeds $1,520. If no change in withholding is desired, do not respond to this reminder.
Direct Deposit: 91%
of NPP pensioners have their benefit electronically deposited into their
bank account to ensure that they have the money on time. If you are
not already using this free service, please sign up. A form can be
downloaded from the website at www.cwaitu.com
or obtained from the Plan Office.
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