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Summary
Annual Reports for the
University of
Pennsylvania
Life Insurance Program
This
is a summary of the annual report for the
Life Insurance Program of the University
of Pennsylvania (Plan No. 502) sponsored
by the University of Pennsylvania, EIN
23-1352685, for the period July 1, 2001
through June 30, 2002. The annual report
has been filed with the Employee Benefits
Security Administration, as required under
the Employee Retirement Income Security
Act of 1974 (ERISA).
Insurance
Information
The
plan has a contract with Teacher's
Insurance and Annuity Association
to pay Life Insurance, AD&D and
Dependent Life claims incurred under
the terms of the plan.
Because
it is a so-called "experience-rated" contract,
the premium costs are affected by,
among other things, the number and
size of the claims. The total insurance
premiums paid for the plan year ending
June 30, 2002 were $3,187,580 and
the total of all benefit claims paid
under the contract during the plan
year was $1,574,189.
Your
Rights to Additional Information
Under
ERISA, you have the right to receive
a copy of the full annual report,
or any part thereof, upon request.
The item listed below is included
in that report:
1. Insurance
information.
To
obtain a copy of the full annual report,
or any part thereof, write or call
the office of the Plan Administrator,
c/o Joanne M. Blythe, Retirement Manager,
University of Pennsylvania, 3401 Walnut
Street, Suite 527A, Philadelphia,
PA 19104-6228, (215) 898-9947. The
charge to cover copying costs will
be $5 for the full annual report or
25 cents per page for any part thereof. You
also have the legally protected right
under ERISA to examine the annual
reports in the offices of the Employer
at the address for the Plan Administrator,
above, 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 should
be addressed to: Public Disclosure
Room, Room N-5638, Employee Benefits
Security Administration, U.S. Department
of Labor, 200 Constitution Avenue,
N.W., Washington, D.C. 20210.
Matching
Plan, Basic Plan and the Supplemental
Retirement Annuity Plan
This
is a summary of the annual reports
of The University of Pennsylvania
Matching Plan (Plan No. 001), The
University of Pennsylvania Basic Plan
(Plan No. 028) and the Supplemental
Retirement Annuity Plan of the University
of Pennsylvania (Plan No. 002) sponsored
by the University of Pennsylvania,
EIN: 23-1352685, for the period July
1, 2001 through June 30, 2002. The
annual reports have been filed with
the Employee Benefits Security Administration,
as required under the Employee Retirement
Income Security Act of 1974 (ERISA).
To
facilitate publication, the summaries
for all three plans have been combined
within this summary. Consequently,
portions of this summary may refer
to a plan in which you are not currently
participating.
Basic
Financial Statement: Matching Plan and Supplemental Retirement Annuity
Plan
The
plans have contracts with the providers
TIAA-CREF and Vanguard which allocate
funds toward group deferred annuities
and mutual funds. Participants who
have accounts with these providers
deal directly with them when making
transactions in their respective accounts.
The providers render financial reports
directly to the plan participants.
Basic
Financial Statement: Basic Plan
Benefits
under the plan are provided through
allocated insurance contracts and
a trust fund. Plan expenses were $3,275,005.
These expenses included $335 in administrative
expenses, $260,396 in benefits paid
to participants and beneficiaries
and $3,014,274 in premiums paid for
the provision of benefits under individual
policies. A total of 11,071 persons
were participants in or beneficiaries
of the plan at the end of the plan
year.
The
value of plan assets, after subtracting
liabilities of the plan, was $31,261,458
as of June 30, 2002, compared to $16,089,044
as of June 30, 2001. During the plan
year the plan experienced an increase
in its net assets of $15,172,414.
This increase includes net unrealized
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 assets at the beginning of the
year or the cost of assets acquired
during the year. The plan had total
income of $18,447,419, including employer
contributions of $21,724,762, employee
rollover contributions of $50,533,
and earnings from investments of $-3,327,876.
Your
Rights to Additional Information
Under
ERISA, you have the right to receive
a copy of the full annual report,
or any part thereof, upon request.
The items listed below are included
in that report for the University
of Pennsylvania Basic Plan:
1. An
accountant's report;
2. Financial
information;
3. Assets
held for investment;
4. Insurance
information; and
5. Information
regarding pooled separate accounts
in which the plan participates.
To
obtain a copy of the full annual report,
or any part thereof, write or call
the office of the Plan Administrator,
c/o Joanne M. Blythe, Retirement Manager,
University of Pennsylvania, 3401 Walnut
Street, Suite 527A, Philadelphia,
PA 19104-6228, (215) 898-9947. The
charge to cover copying costs will
be $5 for the full annual report or
25 cents 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
that report. The charge to cover copying
costs given above does not include
a charge for the copying of these
portions of the report because these
portions are furnished without charge.
You
also have the legally protected
right under ERISA to examine
the annual reports in the offices
of the Employer at the address
for the Plan Administrator, above,
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 should be addressed
to: Public Disclosure Room, Room
N-5638, Employee Benefits Security
Administration, U.S. Department
of Labor, 200 Constitution Avenue,
N.W., Washington, D.C. 20210.
Retirement
Allowance Plan
This
is a summary of the annual report
for the Retirement Allowance Plan
of the University of Pennsylvania
(Plan No. 003) sponsored by the University
of Pennsylvania, EIN 23-1352685, for
the period July 1, 2001 through June
30, 2002. The annual report has been
filed with the Employee Benefits Security
Administration, as required under
the Employee Retirement Income Security
Act of 1974 (ERISA).
Basic
Financial Statement
Benefits
under the plan are provided through
a trust fund. Plan expenses were $5,908,269.
These expenses included $593,320 in
administrative expenses and $5,314,949
in benefits paid to participants and
beneficiaries. A total of 5,991 persons
were participants in or beneficiaries
of the plan at the end of the plan
year.
The
value of plan assets, after subtracting
liabilities of the plan, was $132,378,190
as of June 30, 2002, compared to $136,975,788
as of June 30, 2001. During the plan
year the plan experienced a decrease
in its net assets of $4,597,598. This
decrease includes net unrealized appreciation
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 assets
at the beginning of the year or the
cost of assets acquired during the
year. The plan had total income of
$1,310,671, including losses of $3,532,255
from the sale of assets, earnings
from investments of $4,826,727 and
other income of $16,199.
Minimum
Funding Standards
An
actuary's statement shows that
enough money has been contributed
to the plan to keep it funded in accordance
with the minimum funding standards
of ERISA.
Your
Rights to Additional Information
Under
ERISA, you have the right to receive
a copy of the full annual report,
or any part thereof, upon request.
The items listed below are included
in that report:
1. An
accountant's report;
2. Financial
information;
3. Service
provider information; and
4. Actuarial
information regarding the funding
of the plan.
To
obtain a copy
of the full annual
report, or any
part thereof,
write or call
the office of
the Plan Administrator,
c/o Joanne M.
Blythe, Retirement
Manager, University
of Pennsylvania,
3401 Walnut Street,
Suite 527A, Philadelphia,
PA 19104-6228,
(215) 898-9947.
The charge to
cover copying
costs will be
$5 for the full
annual report
or 25 cents 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
that
report.
The
charge
to
cover
copying
costs
given
above
does
not
include
a
charge
for
the
copying
of
these
portions
of
the
report
because
these
portions
are
furnished
without
charge.
You
also have the
legally protected
right under ERISA
to examine the
annual reports
in the offices
of the Employer
at the address
for the Plan Administrator,
above, 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
should be addressed
to: Public Disclosure
Room, Room N-5638,
Employee Benefits
Security Administration,
U.S. Department
of Labor, 200
Constitution Avenue,
N.W., Washington,
D.C. 20210. |
--Division
of Human
Resources
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