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
TEAMSTERS HEALTH & WELFARE FUND
OF PHILADELPHIA & VICINITY
This is
a summary of the annual report of the Teamsters Health & Welfare Fund of
Philadelphia and Vicinity, a health, dental, vision, temporary disability and
death benefits plan (employer identification number 23-1392600), for the plan
year 01/01/2009 through 12/31/2009. 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 Board of Trustees of Teamsters Health & Welfare Fund of Philadelphia and
Vicinity has committed itself to pay certain dental, prescription, vision,
medical, disability 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 12/31/2009 were $628,862.
Basic Financial Statement
The
value of plan assets, after subtracting liabilities of the plan, was $47,058,222
as of the end of plan year, compared to $32,321,240 as of the beginning of the
plan year. During the plan year the plan experienced a change in its net assets
of $14,736,982. 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 $106,518,769 including employer
contributions of $95,863,375, employee contributions of $2,063,554, earnings
from investments of $8,588,437, and other income of $3,403. Plan expenses were
$91,781,787. These expenses included $6,554,730 in administrative expenses and
$85,227,057 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.
To
obtain a copy of the full annual report, or any part thereof, write or call the
office of William J. Einhorn, who is a representative of the plan administrator
at 6981 North Park Drive, Suite 400, Pennsauken, NJ 08109 and phone number,
856-382-2400. The charge to cover copying costs will be $5.00 for the full
annual report, or $0.10 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 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, Administrator
If you would like to see a more detailed financial statement prepared by the
Fund's Independent Auditor, click here.
Health
& We
lfare
and Pension Funds
