This is a summary of the annual report for the Insurance and Benefits
Trust of PORAC for the year ended December 31,
2002. 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 $9,684,821 compared to
$10,892,870 at the beginning of the year. During the year, the Trust
experienced a decrease in net worth of $1,208,049. The value of the
plan assets after subtracting liabilities of the plan, was $6,404,967 as
of December 31, 2002, compared to $8,419,650 as of January 1, 2002.
The Trust's
income totaled $3,655,428 for the plan year of which contributions from
the Participants were $3,141,050, investment income was $43,394, and
Administration fees were $470,984.
The Trust's
expenses were $4,146,836, which included, $2,592,374 for Long-term
disability benefits paid, $407,841 for Premiums paid for Long-term
disability insurance, $15,415 for Premiums paid for group life insurance
& AD&D, Administrative expenses of $365,604 for Myers-Stevens, $280,210
for Standard Insurance Company, $100,501 for PORAC expenses, $174,892
for Miscellaneous expenses and $209,999 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:
