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Volume 38

Number 1

October 31, 2008

Summary Annual Report

for the

CENTRAL PENSION FUND OF THE INTERNATIONAL UNION OF OPERATING ENGINEERS AND PARTICIPATING EMPLOYERS

This is a summary of the annual report for the Central Pension Fund of the International Union of Operating Engineers and Participating Employers, plan number 001, and employer identification number 36-6052390 (Plan), for the plan year beginning February 1, 2007 and ending January 31, 2008 (Plan Year). The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the Plan are provided by a Trust. Plan expenses were $587,125,974. These expenses included $30,839,412 in administrative expenses and $556,286,562 in benefits paid to participants and beneficiaries. A total of 189,194 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 right to receive benefits.

The value of Plan assets, after subtracting liabilities of the Plan, was $9,985,876,055 as of January 31, 2008, compared to $9,781,400,826 as of February 1, 2007. During the Plan Year the Plan experienced an increase in its net assets of $204,475,229. 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 $791,601,203, including employer contributions of $571,356,731, gain of $78,863,151 from the sale of assets, and earnings from investments of $141,381,321.

Minimum Funding Standards

An 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

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. fiduciary information;
  5. transactions in excess of 5 percent of the plan assets;
  6. information regarding any common or collective trusts or pooled separate accounts in which the plan participates, and
  7. actuarial information regarding the funding of the plan.

To obtain a copy of the full annual report, or any part thereof, write or call the office of Michael R. Fanning, Chief Executive Officer, at Central Pension Fund, 4115 Chesapeake Street, N.W., Washington, D.C. 20016-4665, (202) 362-1000. The charge to cover copying costs will be $5.00 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 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. 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.

You also have the legally protected right to examine the annual report at the main office of the plan (address above), 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, N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.