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Summary Annual Report for the Retirement Allowance Plan
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April 29, 2008, Volume 54, No. 31

This is a summary of the annual report for the Retirement Allowance Plan of the University of Pennsylvania (Plan No. 003) sponsored by The Trustees of the University of Pennsylvania, EIN 23-1352685, for the period July 1, 2006 through June 30, 2007. 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 $6,839,183.  These expenses included $975,420 in administrative expenses and $5,863,763 in benefits paid to participants and beneficiaries. A total of 5,793 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $191,690,994 as of June 30, 2007, compared to $166,605,087 as of July 1, 2006. During the plan year the plan experienced an increase in its net assets of $25,085,907. 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. The plan had total income of $31,925,090, including gains of $16,479,254 from the sale of assets and earnings from investments of $15,445,836.

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 and information on payments to service providers;

3. Information regarding the Master Trust; 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 report in the offices of the Employer at the address for the Plan Administrator, above, and at the US Department of Labor in Washington, DC, or to obtain a copy from the US 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, US Department of Labor, 200 Constitution Avenue, NW, Washington, DC 20210.                 

Related:
New Default Investment Funds for Retirement Plans
Summary Annual Report for Health & Welfare Program

Almanac - April 29, 2008, Volume 54, No. 31