for the Retirement Allowance Plan
and Life Insurance Program
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).
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
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.
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
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
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.
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
ERISA, you have the right to receive a copy of the full annual
report, or any part thereof, upon request.
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.
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,
of Human Resources
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)