This is a summary of the annual report for the Insurance and Benefits Trust of PORAC for the year ended December 31, 2001. The annual report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Benefits paid to participants, are as defined by the Trust agreement and are provided by contractual contributions from the Insurance and Benefits Trust of PORAC and contributions from the participants.
BASIC FINANCIAL STATEMENTS
The net assets of the Trust at the end of the year totaled $10,982,994 compared to $12,047,978 at the beginning of the year. During the year, the Trust experienced a decrease in net worth of $1,064,984. The value of the plan assets after subtracting liabilities of the plan, was $8,419,650 as of December 31, 2001, compared to $9,814,395 as of January 1, 2001.
The Trust's income totaled $3,562,809 for the plan year of which contributions from the Participants were $3,018,758, investment income was $75,353, and Administration fees were $468,698.
The Trust's expenses were $3,750,293, which included, $2,310,799 for Long-term disability benefits paid, $291,435 for Premiums paid for Long-term disability insurance, $15,517 for Premiums paid for group life insurance & AD&D, Administrative expenses of $352,171 for Myers-Stevens, $303,046 for Standard Insurance Company, $115,780 for PORAC expenses, $169,545 for Miscellaneous expenses and $192,000 for Death benefits paid.
RIGHTS TO ADDITIONAL INFORMATION
You have a 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. Accountants Report
2. Financial information and information on payments
3. Assets held for investment
4. Transactions in excess of five percent of trust assets
5. Insurance information, including sales commissions paid by insurance carriers.
To obtain a copy of the full annual report, or any part thereof, write or call the office of the plan administrator, Insurance and Benefits Trust PORAC,4010 Truxel Road, Sacramento, Ca 95834. The telephone number is 916-921-0660. The charge to cover copying costs will be $2.75 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 net assets available for benefits of the plan and accompanying notes, or a statement of changes in net assets available for benefits 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 to examine the annual report at the office of Insurance and Benefits Trust of PORAC, 2495 Natomas Park Drive Suite 555, Sacramento, Ca 95833 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, N4677, Pension and Welfare Benefit Programs, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20216.
