Pennsylvania Annuity Plan, Life Insurance Program, Long Term Disability Income Plan, Dental Plans, Health Care Expense Account, Faculty and Staff Scholarship Program and Retirement Allowance Plan of the University of Pennsylvania for the Plan Year ending June 30, 1995
This is a summary of the annual reports for the Plans named above of the University of Pennsylvania for the plan year beginning on July 1, 1994, and ending June 30, 1995. These Plans are sponsored by the Trustees of the University of Pennsylvania whose employer identification number is 231352685. The annual reports have been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (ERISA).
It is also required under the terms of the Employee Retirement Income Security Act of 1974 that these Summary Annual Reports be furnished to plan participants. To facilitate a single printing, the reports for the plan year ending June 30, 1995, have been combined. Consequently portions of this summary may refer to plans in which you are not currently participating.
Pennsylvania Annuity Plan: Basic Financial Statement
Funds contributed to the Plan are allocated toward the purchase of individual annuity contracts issued by the Equitable Life Assurance Society of the United States. Total premiums paid for the plan year ending June 30, 1995, were $165,396.53.
Life Insurance Program: Insurance Information
The Plan has a contract with Teachers Insurance and Annuity Association to pay all life insurance claims incurred under the terms of the Plan. The total premiums paid for the plan year ending June 30, 1995, were $1,615,669.82.
Plan costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending June 30, 1995, the premiums paid under the experiencerated contract during the plan year were $1,615,669.82 and the total of all benefit claims charged under the experiencerated contract during the plan year was $1,563,085.03.
Long Term Total Disability Income Plan
The Trustees of the University of Pennsylvania have committed themselves to pay all long term disability claims incurred under the terms of the Plan.
Dental Plan (Prudential)
The Plan is a prepaid program providing dental benefits. Since there is no insurance involved, no insurance premiums were paid during the plan year ending June 30, 1995.
Dental Plan (Penn Faculty Practice)
The Plan is a prepaid program providing dental benefits. Since there is no insurance involved, no insurance premiums were paid during the plan year ending June 30, 1995.
Health Care Expense Account
The Trustees of the University of Pennsylvania maintain a program providing reimbursement of health care expenses funded through salary reduction agreements for full time faculty and staff. The University provides these benefits in accordance with the terms of the Plan.
Faculty and Staff Scholarship Plan
The Trustees of the University of Pennsylvania maintain a program providing scholarships to full-time faculty and staff and their dependents. The University provides these benefits in accordance with the terms of the Plan.
Retirement Allowance Plan: Basic Financial Statement
Benefits under this Plan are provided through a trust with CoreStates Bank of Philadelphia, PA. Plan expenses were $ 3,140,425. These expenses included $37,767 in administrative expenses and $3,102,658 in benefits paid to participants and beneficiaries. A total of 5,836 persons were participants in or beneficiaries of the Plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of Plan assets, after subtracting liabilities of the Plan, was $88,845,008 as of June 30, 1995, compared to $75,924,194 as of July 1, 1994. During the plan year the Plan experienced an increase in its net assets of $12,920,814. This increase includes unrealized appreciation or 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 or the cost of assets acquired during the year.
Minimum Funding Standards
An actuary's statement shows that the Plan was funded in accordance with the minimum funding standards of ERISA.
Additional Information
As described below, you have the right to receive a copy of the full annual report of the Retirement Allowance Plan, or any part thereof, on request.
The items listed below are included in that report:
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, 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 that report. The charge to cover copying costs does not include a charge for the copying of these portions of the report because these portions are furnished without charge.
Your Rights to Additional Information about These Plans
You have the right to receive a copy of the full annual reports, or any part thereof, on request. Insurance information for the Pennsylvania Annuity Plan, the Life Insurance Program and the Dental Plan (Prudential) is included in those reports.
To obtain a copy of the full annual report, or any part thereof, write or call the office of the Vice President for Human Resources, Room 538A 3401 Walnut Street, Philadelphia, Pennsylvania, 19104, (215) 8981331. The charge for the full annual report of the Retirement Allowance Plan is $3.50; the charge for each other full annual report is $1.50; the charge for a single page is 25 cents.
In addition, you have the legally-protected right to examine the annual reports at the University of Pennsylvania, Benefits Office, Room 527A, 3401 Walnut Street, Philadelphia, Pennsylvania, 19104. You also have the right to examine the annual reports at the U.S. Department of Labor in Washington, D.C., or 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, N4677, Pension and Welfare Benefit Programs, Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C., 20216.
Human Resources/Benefits Office
Almanac
Volume 42 Number 33
May 21/28, 1996
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