This is a summary of the annual report for INSURANCE AND BENEFITS TRUST OF THE PEACE OFFICERS RESEARCH ASSOCIATION OF CALIFORNIA, EIN 68-6068469, Plan Number 501, for the period January 1, 2008 to December 31, 2008. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

 

Insurance and Benefits Trust of the Peace Officers Research Association of California has committed itself to pay certain disability claims incurred under the terms of the plan. Insurance Information The plan has contracts with Standard Insurance Company, BCS and ING to provide certain Life Insurance, Long-term disability, and Temporary disability benefits incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2008 were $2,560,221. Because (it is a) (they are) so called "experience-rated" contract(s), the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending December 31, 2008, the premiums paid under such experience-rated contract(s) were $2,560,221 and the total of all benefit claims paid under these experiences-rated contract(s) during the plan year was $3,429,154.

 

Because they are so called "experience-rated" contracts, the premium costs are affected by, among other things, the number and size of claims.  Of the total insurance premiums paid for the plan year ended December 31, 2007, the premiums paid under such "experience-rated" contracts were $2,526,585 and the total of all benefit claims paid under these experience-rated contracts during the plan year was $2,459,215.

 

 

BASIC FINANCIAL STATEMENTS

 

 

The value of plan assets, after subtracting liabilities of the plan, was $2,208,075 as of December 31, 2008, compared to $4,961,654 as of January 1, 2008. During the plan year the plan experienced a change in its net assets of -$2,753,579. This change includes unrealized appreciation or depreciation 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 the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $2,148,332 which included participant contributions of $3,362,555, and a decrease in earnings from investments of -$2,393,923. Total plan expenses were $4,901,911. These expenses included $1,079,520 in administrative expenses and $3,822,391 in benefits paid to participants and beneficiaries. 

 

 

 

 

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:

- An accountant's report

- Financial information and information on payments to service providers

- Assets held for investment - Insurance information including sales commissions paid by insurance carriers

- Information regarding any common or collective trusts, pooled separate accounts, master trusts, or 103-12

- Investment entities 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 Manager, 4010 Truxel Road, Sacramento, CA 95834-3725, (916) 928-3777.

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.

You also have the legally protected right to examine the annual report at the main office of the plan (4010 Truxel Road, Sacramento, CA 95834-3725) and at the U.S. Department of Labor in Washington, DC, 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, DC 20210.