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,
2495 Natomas Park Drive Suite 555, Sacramento, Ca 95833. 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.
PORAC
Insurance and Benefits Program
4010 Truxel Road, Sacramento, California 95834-3725
Phone: 1-800-937-6722
E-mail:
