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Summary Annual Reports for the
University of Pennsylvania

Life Insurance Program

This is a summary of the annual report for the Life Insurance Program of the University of Pennsylvania (Plan No. 502) sponsored by the University of Pennsylvania, EIN 23-1352685, for the period July 1, 2001 through June 30, 2002. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

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. The total insurance premiums paid for the plan year ending June 30, 2002 were $3,187,580 and the total of all benefit claims paid under the contract during the plan year was $1,574,189.

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. The item listed below is included in that report:

1. Insurance information.

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 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 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, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

 

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 No. 001), The University of Pennsylvania Basic Plan (Plan No. 028) and the Supplemental Retirement Annuity Plan of the University of Pennsylvania (Plan No. 002) sponsored by the University of Pennsylvania, EIN: 23-1352685, for the period July 1, 2001 through June 30, 2002. The annual reports have been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

To facilitate publication, the summaries for all three plans have been combined within this summary. Consequently, portions of this summary may refer to a plan in which you are not currently participating.

Basic Financial Statement: Matching Plan and Supplemental Retirement Annuity Plan

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: Basic Plan

Benefits under the plan are provided through allocated insurance contracts and a trust fund. Plan expenses were $3,275,005. These expenses included $335 in administrative expenses, $260,396 in benefits paid to participants and beneficiaries and $3,014,274 in premiums paid for the provision of benefits under individual policies. A total of 11,071 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 $31,261,458 as of June 30, 2002, compared to $16,089,044 as of June 30, 2001. During the plan year the plan experienced an increase in its net assets of $15,172,414. 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 $18,447,419, including employer contributions of $21,724,762, employee rollover contributions of $50,533, and earnings from investments of $-3,327,876.

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. The items listed below are included in that report for the University of Pennsylvania Basic Plan:

1. An accountant's report;

2. Financial information;

3. Assets held for investment;

4. Insurance information; and

5. 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 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, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

Retirement Allowance Plan

This is a summary of the annual report for the Retirement Allowance Plan of the University of Pennsylvania (Plan No. 003) sponsored by the University of Pennsylvania, EIN 23-1352685, for the period July 1, 2001 through June 30, 2002. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided through a trust fund. Plan expenses were $5,908,269. These expenses included $593,320 in administrative expenses and $5,314,949 in benefits paid to participants and beneficiaries. A total of 5,991 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 $132,378,190 as of June 30, 2002, compared to $136,975,788 as of June 30, 2001. During the plan year the plan experienced a decrease in its net assets of $4,597,598. This decrease 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. The plan had total income of $1,310,671, including losses of $3,532,255 from the sale of assets, earnings from investments of $4,826,727 and other income of $16,199.

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.

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. The items listed below are included in that report:

1. An accountant's report;

2. Financial information;

3. Service provider information; and

4. Actuarial information regarding the funding of the plan.

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 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, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

--Division of Human Resources


  Almanac, Vol. 49, No. 34, May 27, 2003

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