MAJOR ANNUITY PLAN ENHANCEMENT
BORROWING FROM YOUR ANNUITY PLAN

The Board of Trustees is pleased to announce that they recently voted to add a loan program to the Painters & Allied Trades D.C. #35 Annuity Plan. The Trustees recognize that many participants are experiencing financial hardships in this economic climate.

Your Annuity Plan is an important benefit.  Within the next few months, your Annuity Plan will be more than a retirement savings program – it’ll be available to assist participants who are confronting difficult financial situations.

The Fund Office immediately began the administrative changes required to include a loan program in the Annuity Plan. These include securing a bank to process loans, updating computer software, creating applications and forms and other mandated requirements. Our goal is to begin accepting Annuity loan applications after June 1, 2009 with payout of the loans no earlier than July 15.   As the Annuity Loan Program becomes more established, the time from application to pay-out will be significantly shorter.

Below are some highlights of the Annuity Loan Program:

• You will be able to borrow up to 30% of your account balance to a maximum of $50,000!
• You may borrow from your Annuity account for any reason!
• The minimum amount you may borrow from your account is $1000.
• You may only have one loan at a time.
• Before your loan is complete, a financial planner will provide you with advise on how borrowing from your Annuity account will impact your current financial situation!
The Fund Office will keep you updated regarding implementation of this important Annuity Loan Program.
Sincerely, 

UNION TRUSTEES                        EMPLOYER TRUSTEES

Ralph A. Harriman                     Thomas J. Gunning,
Gene D’Avolio                           Mark E. Kennedy
Tony Hernandez                       Richard A. Mauro
Mark Lohan                              Peter J. Patch
Paul MacLean                           Howard D. Soep
Stephen Terp                           Thomas Steeves