As a result of our ongoing review of the Plan's investment options, we are pleased to announce four enhancements that will be effective on or about April 1, 2010. As always, our goal is to provide participants access to a diversified group of top performing, low cost funds.

Addition of Pimco Total Return Institutional Fund
The Pimco Total Return Fund is a core bond fund giving investors exposure to the global fixed income markets. While it predominantly invests in Treasury Bonds, Agency Mortgages and Corporate Bonds, it also has the flexibility to invest in Inflation Protected Securities, High Yield, Emerging Market and non-US Dollar Bonds when Pimco identifies opportunities in these areas.

We are adding a bond fund to diversify the Plan's fixed income offerings, currently represented by the Stable Value Fund.

As many of you know, the Stable Value Fund provides a consistent and competitive rate of return with no fluctuation in principal. The Pimco Total Return Fund is a diversified portfolio of high quality bonds that is actively managed to provide excess return in a risk controlled framework. Unlike Stable Value, the principal value of a bond mutual fund does fluctuate, although typically not to the extent of a stock mutual fund.

The benefits of adding the Pimco Total Return fund include the steady income that bonds can provide and the potential for capital growth while offering diversification to the overall portfolio by serving as a hedge against volatility in other asset classes, such as stock.

The fluctuation of principal is largely influenced by changes in interest rates. Generally, when interest rates decrease, the values of existing bonds increase. On the other hand, wheninterest rates increase, the values of existing bonds decrease. However, active management can take steps to lessen the impact of rising interest rates. Since the fund's inception in 1987, it has only had negative calendar year returns twice.

Manager William Gross and the Pimco team are considered among the best in the fixed income industry. We feel their experience, knowledge, and strategy make this fund a good choice for maximizing returns while controlling volatility through periods of rising interest rates.

This fund will become available for investment but no money will be automatically moved into the fund. Our model portfolios will be adjusted to move a portion of the Stable Value Fund into the Pimco Total Return Fund.

Addition of Pimco All Asset Institutional Fund
The objective of this fund is to stay ahead of inflation. The fund seeks to exceed inflation, as measured by the Consumer Price Index (CPI), by 5% each year. We feel this focus on inflation is important since inflation is one of the primary risks that retirees face when trying to make their money last.

The Pimco All Asset Fund is a "fund of funds," meaning that it invests only in other Pimco funds. The manager shifts the allocation between funds (asset classes) based on data including projected growth trends in the U.S. and foreign economies, forecasts for interest rates, trends in inflation and relative valuations between equity and fixed income markets. While the fund can invest up to 50% in stock, it often holds much less (5.1% as of 9/30/09).

The fund's ability to adapt its portfolio to the economic environment is a big attraction. Additionally, the fund will invest in asset classes that are currently not covered by other funds in the Plan such as inflation linked bonds, commodities, high yield bonds, convertible bonds and emerging market bonds. By adding this fund, participants will gain exposure to many new types of investments, without having to invest in several funds to achieve this.

This fund will become available for investment but no money will be automatically moved into the fund. Our model portfolios will be revised to include an allocation to this fund. We currently use a Constant Mix asset allocation strategy, whereby a model portfolio with fixed allocations is recommended based on one's age, risk tolerance, goals, etc. As the market changes the allocations over time, we recommend rebalancing back to the original allocation, after establishing that it is still suitable. While we feel it is prudent to maintain the bulk of the portfolio as a constant mix of stock, bond, and stable value funds, we feel that participants can benefit from having a small portion that uses a more active allocation approach.

Replacement of Vanguard Growth & Income Fund with Vanguard 500 Index Fund
The role of the Vanguard Growth & Income Fund in the Plan has been to provide our portfolios with a core base of large, well-established U.S. companies. The Plan offers other large company stock funds but their prospectuses allow them more flexibility to assume more risk to invest in medium and small company as well as international stocks. We have traditionally used the Growth & Income Fund because its management attempts to build a portfolio with similar risk to the S&P 500 Index but seeks to outperform the index on an annual basis.

The fund has been in the Plan for many years and it accomplished this goal until recently. According to Morningstar, in the 109 trailing one-year periods, calculated monthly, over the past decade, it has outperformed the S&P 500 Index in 96 of them or 88% of the time. This is impressive, however in more recent periods the annual returns have underperformed the index.

Since this fund is not designed to greatly beat the index over time and it has recently lagged the index, we are replacing the fund with the Vanguard 500 Index Signal Fund.

The strategy of the Vanguard 500 Index Fund is to buy and hold the stocks in the S&P 500 Index. By using this fund, we will ensure that this core portion of the portfolio will closely match the performance of the index. This fund is very popular among 401(k) plans and is ranked in the top ten funds in size with over $92 billion in assets. As a member of the IBEW and a participant in the Plan, you will have access to the Signal Shares which are 50% less expensive than the regular Investor Shares.

Any balances in the Vanguard Growth & Income Fund will be automatically transferred to the Vanguard 500 Index Fund. You will receive a separate notification containing the date on which the transfer will occur.

Replacement of Vanguard Asset Allocation Fund with Oakmark Equity & Income Fund
The managers of the Vanguard Asset Allocation Fund allocate the fund's assets among S&P 500 stocks, U.S. Treasury Bonds, and cash. The mix is determined using valuation models and can lead to extreme shifts toward stocks at times. A heavy allocation to stocks in 2008 led to increased volatility.

Due to this, we decided to replace it with another Asset Allocation fund with a better performance record and a more stable allocation between stocks and bonds. Funds in this category seek to provide a "one-stop" allocation by investing in both stocks and bonds within the same fund.

After comparing several Moderate Allocation Funds, we have selected the Oakmark Equity & Income Fund for several reasons. The Oakmark fund uses an "all-cap" strategy on the stock side so there is large-cap, mid-cap, and small-cap stock exposure, which is an enhancement over the Vanguard fund as it only invests in large-cap stocks. On the bond side, the Oakmark fund invests primarily in U.S. Treasury Bonds while holding small positions in Corporate and High Yield Bonds whereas the Vanguard fund is limited only to Treasury Bonds. Therefore, the Oakmark fund offers more diversification within its "one-stop" allocation.

In looking at the historical returns, the Oakmark fund has achieved high relative returns with lower risk and volatility. Management keeps the stock / bond mix close to 60% / 40% and runs the fund as if it will be the only fund in the investor's portfolio.

Any balances currently invested in the Vanguard Asset Allocation Fund will be automatically transferred to the Oakmark Equity & Income Fund. You will receive a separate notification containing the date on which the transfer will occur.

If you would like more information on these funds, visit our website to obtain fund fact sheets. You may also call us at 800-223-7608 to learn more about the funds and get advice on how to include them in your account.