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Summary Annual Report
for the Retirement Allowance Plan
and Life Insurance Program

This is a summary of the annual reports for the Retirement Allowance Plan and for the Life Insurance Program sponsored by the University of Pennsylvania, EIN 23-1352685, for the period July 1, 2000 through June 30, 2001. The annual reports have been filed with the Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

To facilitate publication, the reports have been combined. Consequently, portions of this summary may refer to a plan in which you are not currently participating.

Retirement Allowance Plan: Basic Financial Statement

Benefits under the plan are provided through a trust fund. Plan expenses were $6,285,028. These expenses included $453,634 in administrative expenses and $5,831,394 in benefits paid to participants and beneficiaries. A total of 6,386 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 $136,975,788 as of June 30, 2001, compared to $136,183,646 as of June 30, 2000. During the plan year the plan experienced an increase in its net assets of $792,142. This increase 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.

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.

Life Insurance Program: 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. Of the total insurance premiums paid for the plan year ending June 30, 2001, the premiums paid under such "experience-rated" contract were $3,023,137 and the total of all benefit claims paid under the contract during the plan year was $2,287,725.

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.

To obtain a copy of either plan's 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, 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, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

--Division of Human Resources

See also the Summary of the annual reports of The University of Pennsylvania Matching Plan (Plan 001), Basic Plan (028) and the Supplemental Retirement Annuity Plan (002)

Almanac, Vol. 48, No. 35, May 28, 2002


May 28, 2002
Volume 48 Number 35

The Law School awards teaching awards, including some new ones.
Two SAS faculty members will be appointed Annenberg Professors.
As the weather warms up outside, the cooling season energy conservation measures are planned for inside campus buildings.
A search committee is formed for the School of Social Work Dean position.
The Alumni Reunion Gifts will provide funds for scholarships and campus enhancements.
It is almost time for the annual Faculty and Staff Appreciation Picnic.
This call is for you….is your entry in the Telephone Directory correct? How to update records if they are incorrect and out-of-date.
City Year, an AmeriCorps program, will have its annual convention at Penn in early June, with a day of service that the Penn community is invited to participate in along with the 1,000 young people from across the U.S.
New Border Security Legislation, Changes in Student Visa Processing and Bioterrorism Legislation are some of the topics in the The Government Affairs Update.
Penn Perspective is a perfect place to ponder this complex place.
Detecting pain in infants and children; understanding a matriarchy; treating severe depression and preparing troops to train with simulated situations.