OF RECORD Summary of Benefits

Summary Annual Reports for the Faculty & Staff Scholarship,

Position Discontinuation and Staff Transition Plan, Long-Term Disability Plan for University Personnel,

Health Care Expense Account, Pennsylvania Annuity Plan, Faculty Income Allowance Plan

This is a summary of the annual reports for the University of Pennsylvania Plans named above for the Plan Years beginning July 1, 1997 and ending June 30, 1998. These Plans are sponsored by the Trustees of the University of Pennsylvania, whose Federal employer identification number is 23-1352685. 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 publication, the reports for the Plan year ended June 30, 1998 have been combined. Consequently, portions of this summary may refer to the Plans in which you are not currently participating.

Faculty & Staff Scholarship

The Trustees of the University of Pennsylvania maintain a Plan providing scholarships to full time faculty and staff. The University provides these benefits in accordance with the terms of the Plan.

Position Discontinuation and Staff Transition Plan

The Trustees of the University of Pennsylvania maintain a Plan to provide transitional support and to facilitate economic adjustment to eligible staff members whose employment is terminated involuntarily without fault. The University provides these benefits in accordance with the terms of the Plan.

Long-Term Disability Plan for University Personnel

The Trustees of the University of Pennsylvania maintain a Plan providing long-term disability benefits for eligible employees. The University provides these benefits in accordance with the terms of the Plan.

Pretax Health Care Expense Account

The Trustees of the University of Pennsylvania maintain a Plan providing reimbursement of health care expenses funded through salary reduction agreements for eligible faculty and staff. The University provides these benefits in accordance with the terms of the Plan.

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 for the Plan year ending June 30, 1998 were $64,380.

Faculty Income Allowance Plan

The Trustees of the University of Pennsylvania maintain a Plan providing for early retirement benefits for eligible faculty members. The University provides these benefits in accordance with the terms of the Plan.

Your Rights to Additional Information About These Plans

You have the right to receive a copy of the full annual report of any of these Plans, or any part thereof, on request.

To obtain a copy of the full annual report(s), or any part thereof, write or call the office of the Vice President of Human Resources who is the Plan Administrator, Room 538A, 3401 Walnut Street, Philadelphia, PA 19104, (215) 898-6884. The charge for each full annual report is $2.50, and the charge for any 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, PA 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, N5638, Pension and Welfare Benefit Programs, Department of Labor, 200 Constitution Avenue NW, Washington, D.C. 20210.

--Division of Human Resources


Almanac, Vol. 45, No. 26, March 30, 1999

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