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Summary Annual Report for the
Matching Plan, Basic Plan
and the Supplemental Retirement Annuity Plan

This is a summary of the annual reports of The University of Pennsylvania Matching Plan (Plan 001), The University of Pennsylvania Basic Plan (028) and the Supplemental Retirement Annuity Plan of the University of Pennsylvania (002) 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.

Basic Financial Statement:

The University of Pennsylvania Matching Plan and Supplemental Retirement Annuity Plan of the University of Pennsylvania

The Plans have contracts with the providers TIAA-CREF and Vanguard which allocate funds toward group deferred annuities and mutual funds. Participants who have accounts with these providers deal directly with them when making transactions in their respective accounts. The providers render financial reports directly to the plan participants.

Basic Financial Statement: The University of Pennsylvania Basic Plan

Benefits under the plan are provided through allocated insurance contracts and a trust fund. Plan expenses were $44,537. These expenses included $287 in administrative expenses and $44,250 in benefits paid to participants and beneficiaries. A total of 10,442 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 $18,738,418 as of June 30, 2001, compared to $0 as of June 30, 2000. During the plan year the plan experienced an increase in its net assets of $18,738,418. This increase includes net unrealized 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 assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $18,782,955, including employer contributions of $19,473,671, employee rollover contributions of $7,119, and earnings from investments of -$697,835.

The plan has contracts with TIAA-CREF which allocate funds toward individual policies. The total premiums paid for the plan year ending June 30, 2001 were $2,526,312.

Your Rights to Additional Information

  1. Under ERISA, you have the right to receive a copy of the full annual report, or any part thereof, upon request. The items listed below are included in that report for the University of Pennsylvania Basic Plan:
  2. an accountant's report;
  3. financial information;
  4. assets held for investment;
  5. transactions in excess of 5 percent of the plan assets;
  6. insurance information; and
  7. information regarding pooled separate accounts in which the plan participates.

To obtain a copy of the 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 $5.00 for the full annual report or 25 cents 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 under ERISA to examine the annual reports in the offices of the Employer at the address for the Plan Administrator, above, 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 for the
Retirement Allowance Plan and for the Life Insurance Program


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

ISSUE HIGHLIGHTS:

Tuesday,
May 28, 2002
Volume 48 Number 35
www.upenn.edu/almanac/

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.