OE News Special Edition July 2013

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Benefits working for you Operating Engineers’ Benefits Plan Summarized Financial Statements for the years ended December 31, 2011 and 2010 28 News Special Edition Summer 2013
REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS To the Members of Operating Engineers’ Benefits Plan: The accompanying summary financial statements, which comprise the summary Statements of Net Assets Available for Benefits as at December 31, 2011 and 2010, the summary Statements of Changes in Net Assets Available for Benefits, and the summary Statement of Administrative Expenses for the years then ended, are derived from the audited financial statements of the Operating Engineers’ Benefits Plan for the years ended December 31, 2011 and 2010. We expressed a qualified opinion on those financial statements in our report dated April 30, 2012. Those financial statements, and the summary financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements. The summary financial statements do not contain all the disclosures required by Canadian generally accepted accounting principles. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Operating Engineers’ Benefits Plan. Administration's Responsibility for the Summary Financial Statements The administration and the Plan’s trustees are responsible for the preparation and fair presentation of a summary of the audited financial statements in accordance with Canadian generally accepted accounting principles. Auditors' Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements.” Except as described in the Basis for Qualified Opinion paragraph, we conducted our audit in accordance with Canadian Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion We were unable to review the accounting records of participating employers to determine whether contributions were in accordance with the requirements of the Agreement and Declaration of Trust. Accordingly, our verification of employer contributions was limited to verifying that contributions received were properly recorded. Qualified Opinion In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had there been no limitations in the scope of our examination of employer contributions as described in the preceding paragraph, these financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as at December 31, 2011 and the results of its operations and changes in net assets available for benefits for the years then ended in accordance with Canadian generally accepted accounting principles. Vancouver, BC April 11, 2013 Chartered Accountants Special Edition Summer 2013 News 29
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Page 5 and 6: a MEssagE FRoM thE tRustEEs Investm
Page 7 and 8: E & E May 7, 2013 ELLEMENT & ELLEME
Page 9 and 10: The interest rate impact The follow
Page 11 and 12: Greater certainty in all investment
Page 13 and 14: is this: for every 1% drop in long
Page 15 and 16: sOlvency valuatiOn Balance sheet AS
Page 17 and 18: The three largest cost centers Medi
Page 19 and 20: aDministratiOn exPenses The followi
Page 21 and 22: REPORT OF THE INDEPENDENT AUDITOR O
Page 23 and 24: OPERATING ENGINEERS' PENSION PLAN S
Page 25 and 26: 34th annuaL pEnsion soCiaL Retirees
Page 27 and 28: 34th Annual Retirees’ Social Even
Page 29: 34th Annual Retirees’ Social Even
Page 33 and 34: OPERATING ENGINEERS' PENSION PLAN S
Page 35 and 36: Local Union Offices District 1 and

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