April 30, 2009

Dear Guild Member,

We have received a number of inquiries from our members about the notices the Trustees of the Pension Fund recently sent out concerning the funding status of the Pension Plan.

The Trustees are required to notify all plan participants of the financial status of the Plan and the actions they have taken and will take to keep your pensions secure. We have highlighted below what we believe is the relevant information contained in the notices for your consideration:

To no one’s surprise, the economic downturn that has affected everyone else has also impacted the Fund’s portfolio. Returns on the Fund’s investments in 2008 did not meet the income the Trustees anticipated. However, the Fund still has substantial assets, more than $140 million, and the Trustees believe the investments are well diversified and will, over time, provide income that will satisfy applicable requirements to assure proper funding for your pension benefits.

The Pension Protection Act, allows funds like ours that were well-funded before the current economic downturn to continue to provide all of the benefits for an additional year while the Trustees consider the steps necessary to meet future benefit obligations – a restructure plan.

As indicated in the notices you were mailed, the Trustees elected to take advantage of this additional year. For our purposes that means, through April 30, 2010, in addition to all other benefits, the Plan will continue to pay lump sum severance benefits to employees who retire, or are terminated, laid off or who may accept a voluntary layoff or in the case of death. The Plan is paying all current benefits and continues to fulfill all of its obligations to our retirees and their beneficiaries.

The Trustees are considering steps that need to be taken to address future funding requirements imposed by law in order to assure that assets will be available to pay all of the benefit obligations of the plan participants in the future. During the next several months the Trustees will fashion a restructure plan for the coming year. We will continue to keep all of you apprised of the steps that are being taken to protect and preserve your pension benefits.

If you have any questions, please contact

Bill Ross, Administrative Officer
Dan Gross, President