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Summary Annual Report

This is a summary of the Annual Report of the Western Pennsylvania Teamsters and Employers Welfare Fund ("Plan"), Employer Identification Number 25-1000614 - Plan Number 501, for the plan period January 1, 2003 through December 31, 2003. The Annual Report has been filed with the U.S. Department of Labor’s Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 ("ERISA").

Insurance Information

The Plan has contracts with Highmark Blue Shield, Vision Benefits of America, Highmark Life Insurance Company, Coventry Health Care, and UPMC Health Plan to pay Medical, Prescription Drug, Vision, Life Insurance, and Accidental Death and Dismemberment claims incurred under the terms of the Plan. The total premiums paid for the plan year ending December 31, 2003 were $27,179,411.

Because they are so called "experience-rated" contracts, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending December 31, 2003, the premiums paid under such "experience-rated" contracts were $26,788,010, and the total of all benefit claims paid under these "experience-rated" contracts during the plan year was $23,101,844.

Basic Financial Statement

The value of Plan assets, after subtracting liabilities of the Plan, was $38,119,365 as of December 31, 2003, compared to $33,875,268 as of January 1, 2003. During the plan year, the Plan experienced an increase in its net assets of $4,244,097. This increase includes unrealized appreciation and 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 including the cost of assets acquired during the year. During the 2003 Plan Year, the Plan had total income of $35,653,467, including employer contributions of $30,609,995, employee contributions of $1,022,434, and earnings from investments of $4,021,038.

Plan expenses were $31,409,370. These expenses included $1,599,615 in administrative expenses, and $29,809,755 in benefits paid to participants and beneficiaries.

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. Insurance information including sales commissions paid by insurance carriers, and
5. Information regarding any common or collective trusts, pooled accounts, master trusts or 103-12 investment entities in which the Plan participates.

To obtain a copy of the full Annual Report, or any part thereof, write to the office of the Western Pennsylvania Teamsters and Employers Welfare Fund, Board of Trustees, 50 Penn Circle West, Pittsburgh, PA 15206-3612 (1-412-363-2700). The charge to a Plan participant to cover copying costs will be $10.00 for the complete Annual Report, or $0.20 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 the Annual Report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the Annual Report because these portions are furnished without charge.

You also have the legally protected right to examine the Annual Report at the office of the Plan (Western Pennsylvania Teamsters and Employers Welfare Fund, 50 Penn Circle West, Pittsburgh, Pennsylvania 15206-3612) 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 of Labor should be addressed to: Public Disclosure Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

TRUSTEES OF THE
WESTERN PENNSYLVANIA TEAMSTERS AND
EMPLOYERS WELFARE FUND

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