Health
& We
lfare
and Pension Funds
of Philadelphia and Vicinity
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Annual Report (SAR)Set forth below is the latest Summary Annual Report that has been published. For a printable version (in PDF format) click here.
SUMMARY ANNUAL REPORT FOR This is a summary of the Annual Report of the TEAMSTERS HEALTH & WELFARE FUND OF PHILADELPHIA & VICINITY (the “Fund”), a health, dental, vision, temporary disability and death benefits plan (employer identification number 23-1392600) for the plan year ending December 31, 2006. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). The Fund has committed itself to pay certain dental, prescription, vision, medical, disability and death claims incurred under the terms of the plan. Insurance Information The plan has a contract with THE UNION LABOR LIFE INSURANCE COMPANY to pay certain death benefits claims incurred under the terms of the plan. The total premiums paid for the plan year ending 12/31/2006 were $670,954. Because it is a so called "experience-rated" contract, 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 12/31/2006, the premiums paid under such "experience-rated" contract were $670,954 and the total of all benefit claims paid under the experience-rated contract during the plan year was $550,628. Basic Financial Statement The value of plan assets, after subtracting liabilities of the plan, was $25,033,738 as of the end of plan year, compared to ($18,363,053) as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $43,396,791. (The Fund changed the reporting of benefit obligations on the 2006 Form 5500. For plan years prior to 2006, the Fund reported total benefit obligations as a liability. For the plan year ended 12/31/06, the Fund reported benefit obligations currently payable. Had the Fund reported only benefit obligations currently payable on the 2005 Form 5500, net assets would have been $5,970,000 with an increase in net assets during 2006 of $19,063,038. This change in reporting also resulted in an adjustment to benefits paid during the plan year 2006.) This change 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 or the cost of assets acquired during the year. During the plan year, the plan had total income of $110,341,419 including employer contributions of $100,830,683, employee contributions of $2,062,755, gains of $4,867,970 from the sale of assets, and earnings from investments of $2,580,011. Plan expenses were $96,192,050. These expenses included $3,331,617 in administrative expenses and $92,860,433 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. Loans or other obligations in default or classified as uncollectible. 5. Transactions in excess of 5 percent of the plan assets. 6. Insurance information including sales commissions paid by insurance carriers. 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 to examine the annual report at the main office of the plan: 6981 NORTH PARK DRIVE, SUITE 400, PENNSAUKEN, NJ 08109, 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
William J. Einhorn Plan Administrator
If you would like to see a more detailed financial statement prepared by the Fund's Independent Auditor, click here.
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