UA Local 447 Pipe Trades Trust Funds

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Section I. How You Earn Benefits

The collective bargaining agreements between U.A. Local No. 447 and various employers and employer associations require each participating employer to contribute to a trust fund at a specified rate per hour for hours worked in covered employment by each of their employees. Your contribution rate will vary depending on your job classification. Your benefits under the Plan are funded entirely out of such contributions. You are not required or permitted to make employee contributions. You also earn benefits under this Plan if you are employed by U.A. Local No. 447, the JAC Training Fund or the Plan and your employer makes contributions on your behalf pursuant to a written participation agreement.

The employer contributions made to the Plan on your behalf are credited to a benefit account in your name. Your account is also credited with your pro rata share of the net investment earnings for the entire Plan. If you begin earning contributions, then interrupt your employment to serve in the military, and then return to covered employment, you may be entitled to additional contributions for the period of military service. Ask the Administrative Office for further details.

This Plan is a defined contribution plan. This means that your benefits under this Plan are equal to the amount in your benefit account. The size of your benefit will depend on the total amount of employer contributions made to the Plan on your behalf and the amount of investment earnings credited to your account. In general, the more hours you work under a collective bargaining agreement, the larger the benefit you will receive.

Traveling members working within the jurisdiction of Local No. 447 may arrange to have the contributions they earn forwarded to the plan maintained by their home local by completing a reciprocity card. Contributions will not be forwarded to another plan without written authorization.

Self-Directed SelectBenefit Program. The Trustees implemented the Self-Directed SelectBenefit Program, which was effective July 1, 2000. You may enroll in the Self-Directed SelectBenefit Program annually during the open enrollment period in May, to become effective with July hours. During open enrollment you may choose to transfer up to 100% of your future contributions and up to 50% of your June 30, 2000 Trustee-Directed Account Balance to your Self-Directed SelectBenefit Account, or if you currently have monthly contributions sent to your Self-Directed SelectBenefit Account you may change that percentage. Additionally, you may transfer any or all of your Self-Directed SelectBenefit Account back to the Trustee-Directed Account. Contributions not going to your Self-Directed SelectBenefit Account will be invested in the Trustee-Directed Account.

The Self-Directed SelectBenefit Program is administered by Union Bank of California. Through this program you may choose to invest in six mutual fund options with different risk characteristics ranging from conservative to aggressive. You select the percentage of your contribution and current account balance to self-direct and the percentage that is invested in each mutual fund. You are able to change your investments by calling 1-800-678-7526 or by accessing the SelectBenefit website on the Internet at www.selectbenefit.com.

If you choose not to self-direct, your current account and your future contributions will remain in the Trustee-Directed Account that is invested by the professional asset managers selected by the Board of Trustees.

Participant Responsibility
The most important rule of the Self-Directed SelectBenefit Program is that you are fully responsible for the investment allocation of funds transferred from the Trustee-Directed Account to the Self-Directed SelectBenefit Account. Your Self-Directed SelectBenefit Account will not share in the gains or losses of the Trustee-Directed Account, but only in the dividends, gains and/or losses of the Self-Directed funds in your Self-Directed SelectBenefit Account. Your account may be charged for reasonable expenses incurred in carrying out your investment instructions. You are also responsible for any annual operating expenses of a particular investment option including management fees, transaction fees and other expenses.

Since you will be responsible for allocating the funds in your Self-Directed SelectBenefit Account, the Trustees require that you attend an educational seminar before participating in the program and recommend that you participate only if you are willing to make the effort to learn about the investment options available to you and are prepared to take the risks that apply to any investment in a mutual fund. You will receive notice of the date and time the educational seminars are offered or you may call the Fund Office at (916) 457-0821.

Mutual Fund Options
Contributions or transfers to your Self-Directed SelectBenefit Account may be invested in any one or any combination of the six available mutual funds. If you do not make a selection of one of the investment options, future contributions and account transfers will automatically be deposited in the UBOC Stable Value Fund.

The six mutual fund options that are currently available are:

UBOC Stable Value Fund
MCM Balanced Fund
Dreyfus Disciplined Stock Fund
American Century International Growth
Invesco Dynamics Fund
Neuberger & Berman Genesis Fund

Stable Value
Balanced
Large Blend
Foreign
Mid Cap Growth
Small Cap Value

404(c) Notice
The Self-Directed SelectBenefit portion of the Defined Contribution Plan is intended to constitute an ERISA Section 404(c) plan. That means that you "exercise control" over the investments in your Self-Directed SelectBenefit Account. You choose between the investment options offered. This allows you to invest in the way that best meets your personal goals. The Trustees and other fiduciaries of the Plan may be relieved of liability for any losses that your account may experience as a result of investment choices made by you or your beneficiary.

You will receive prospectuses for the mutual fund investment options under the Self-Directed SelectBenefit portion of the Plan when you attend an educational seminar. In addition, as a Plan participant you may request certain additional information from Union Bank of California, P.O. Box 514560, Los Angeles, CA 90051-4560, 1-800-678-7526.