Summary
Annual Report for the University of Pennsylvania Health & Welfare
Program
This
is a summary of the annual report of the University of
Pennsylvania Health & Welfare Program, sponsored by
the University of Pennsylvania, EIN 23-1352685 for the
period that began on January 1, 2003 and ended on June
30, 2003. The annual report has been filed with the
Employee Benefits Security Administration as required under
the Employee Retirement Income Security Act of 1974 (ERISA). Please
note that not all employees are eligible to participate
in all of the benefits available under the Plan. Please
consult your Plan materials for specific eligibility information.
Medical,
Prescription Drug, Dental And Long
Term Disability Benefits
The
University of Pennsylvania has committed itself to pay
certain medical and prescription drug claims, dental benefits
and long-term disability benefits incurred under the terms
of the Plan on a self-insured basis.
The
Plan also has contracts with Aetna Health of California,
Inc. and Independence Blue Cross/Pennsylvania Blue Shield
to pay medical claims incurred under the terms of the contracts.
The total premiums paid for the plan year ending June 30,
2003 were $2,912,802.
Because
some are so called "experience-rated" contracts, the premium
costs are affected by, among other things, the number and
size of claims. Of the total insurance premiums paid
for the plan year ending June 30, 2003, the premiums paid
under such "experience-rated" contracts were $2,899,012
and the total of all benefit claims paid under these experience-rated
contracts during the plan year were $1,179,975.
Vision
Benefits
The
Plan has a contract with Highmark Blue Shield/Clarity Vision
to pay vision claims incurred under the terms of the contract. The
total premiums paid under this contract for the plan year
ending June 30, 2003 were $181,576.
Because
it is a so-called "experience-rated" contract, the premium
costs are affected by, among other things, the number and
size of claims. Of the total insurance premiums paid for
the Plan year ending June 30, 2003, the premiums paid under
such "experience-rated" contract were $181,576 and the
total of all benefit claims paid under the experience-rated
contract during the plan year were $120,099.
Life
Insurance Benefits
The
Plan has a contract with Teacher's Insurance and Annuity
Association to pay life insurance, dependent life insurance
and accidental death and dismemberment claims incurred
under the terms of the contract. The total premiums
paid under this contract for the plan year ending June
30, 2003 were $2,948,857.
Because
it is a so-called "experience-rated" contract, the premium
costs are affected by, among other things, the number and
size of claims. Of the total insurance premiums paid for
the plan year ending June 30, 2003, the premiums paid under
this "experience-rated" contract were $2,948,857 and the
total of all benefit claims paid under the experience-rated
contract during the plan year were $1,777,865.
Your
Rights to Additional Information
You
have the right to receive a copy of the full annual report,
or any part thereof, on request. Insurance information
is included in this annual report.
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 report 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-1513, Employee
Benefits Security Administration, U.S. Department of Labor,
200 Constitution Avenue, N.W., Washington, D.C. 20210.
--Division
of Human Resources