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Annual Reports for Penn Retirement Plans

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November 22, 2011, Volume 58, No. 13

Summary Annual Report for the University of Pennsylvania Basic Plan

This is a summary of the annual report of The University of Pennsylvania Basic Plan (Plan No. 028) sponsored by the University of Pennsylvania, EIN: 23-1352685, for the period January 1, 2010 through December 31, 2010. This 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 unallocated insurance contracts and a trust fund. Plan expenses were $6,587,614. These expenses included $0 in administrative expenses, $6,574,185 in benefits paid to participants and beneficiaries and other expenses of $13,429. A total of 19,180 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 $368,077,079 as of December 31, 2010, compared to $293,599,152 as of January 1, 2010. During the plan year the plan experienced an increase in its net assets of $74,477,927. 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 plan year and the value of assets at the beginning of the plan year or the cost of assets acquired during the plan year. The plan had total income of $81,065,541, including employer contributions of $39,399,740, employee rollover contributions of $2,985,511 and earnings from investments of $38,680,290.

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 opinion;

2. Financial information;

3. Information on payments to service providers;

4. Assets held for investment;

5. Insurance information; and

6. 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 for the University of Pennsylvania Basic Plan. 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

Summary Annual Report for the University of Pennsylvania Matching Plan

This is a summary of the annual report of The University of Pennsylvania Matching Plan (Plan No. 001) sponsored by the University of Pennsylvania, EIN: 23-1352685, for the period January 1, 2010 through December 31, 2010. This 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 unallocated insurance contracts and a trust fund. Plan expenses were $108,733,634. These expenses included $0 in administrative expenses, $108,683,774 in benefits paid to participants and beneficiaries and other expenses of $49,860. A total of 22,759 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 $2,881,338,367 as of December 31, 2010, compared to $2,615,527,351 as of January 1, 2010. During the plan year the plan experienced an increase in its net assets of $265,811,016. 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 plan year and the value of assets at the beginning of the plan year or the cost of assets acquired during the plan year. The plan had total income of $374,544,650, including employer contributions of $47,733,895, employee contributions of $51,805,060, employee rollover contributions of $1,139,308 and earnings from investments of $273,866,387.

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 Matching Plan:

1. An accountant’s opinion;

2. Financial information;

3. Information on payments to service providers;

4. Assets held for investment;

5. Insurance information; and

6. 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 for the University of Pennsylvania Matching Plan. 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210

Summary Annual Report for the University of Pennsylvania Supplemental Retirement Annuity Plan

This is a summary of the annual report of 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 January 1, 2010 through December 31, 2010. This 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 unallocated insurance contracts and a trust fund. Plan expenses were $20,382,275. These expenses included $0 in administrative expenses, $20,355,738 in benefits paid to participants and beneficiaries and other expenses of $26,537. A total of 24,996 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 $528,851,445 as of December 31, 2010, compared to $451,405,178 as of January 1, 2010. During the plan year the plan experienced an increase in its net assets of $77,446,267. 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 plan year and the value of assets at the beginning of the plan year or the cost of assets acquired during the plan year. The plan had total income of $97,828,542 including employee contributions of $36,051,349, employee rollover contributions of $7,688,349 and earnings from investments of $54,088,844.

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 Supplemental Retirement Annuity Plan of the University of Pennsylvania:

1. An accountant’s opinion;

2. Financial information;

3. Information on payments to service providers;

4. Assets held for investment;

5. Insurance information; and

6. 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 for the Supplemental Retirement Annuity Plan of the University of Pennsylvania. 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

Summary Annual Report for the University’s Retiree Health Plan

This is a summary of the annual report of the University of Pennsylvania Retiree Health Plan (Plan No. 530), sponsored by The Trustees of the University of Pennsylvania, EIN 23-1352685 for the period that began on January 1, 2010 and ended on December 31, 2010. 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 the Plan. Please consult your Plan materials for specific eligibility information.

Retiree benefits were provided through a combination of self-insured payments from the University’s general assets, payments from a trust fund established to fund retiree benefits, and insurance contracts with third party insurance companies.

Medical, Dental and Prescription Drug Benefits

Insurance Information

The Plan has contracts with Aetna Health, Inc., Keystone Health Plan East, AmeriHealth and Metropolitan Life Insurance Company to pay medical and dental claims incurred under the terms of the contracts. The total premiums paid for the plan year ending December 31, 2010 were $1,093,369.

Basic Financial Information

The value of Plan assets, after subtracting liabilities of the Plan, was $214,764,915 as of December 31, 2010, compared to $185,188,717 as of January 1, 2010. During the plan year the Plan experienced an increase in its net assets of $29,576,198. 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 $47,225,421 including employee contributions of $3,539,651, employer contributions of $25,484,384 and gains from investments of $18,201,386.

Plan expenses were $17,649,223. These expenses included $1,959,565 in administrative expenses and $15,689,658 in benefits paid to participants and beneficiaries.

Life Insurance Benefits

The Plan has a contract with Aetna Life Insurance Company to pay life insurance claims incurred under the terms of the contract. The total premiums paid under this contract for the plan year ending December 31, 2010 were $278,941.

Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

1. An accountant’s opinion;

2. Financial information;

3. Information on payments to service providers;

4. Assets held for investment; and

5. 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 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.


Almanac - November 22, 2011, Volume 58, No. 13