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Teamsters Local 631
Security Fund
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Teamsters Local 631 Security Fund for Southern
Nevada
P.O. Box 26509
Las Vegas, Nevada 89126-0509
Important Notice
SUMMARY ANNUAL REPORT FOR
THE TEAMSTERS
LOCAL 631 SECURITY PLAN FOR
SOUTHERN NEVADA
This is a summary of the annual report for the TEAMSTERS LOCAL 631 SECURITY
PLAN FOR SOUTHERN NEVADA, (Employer Identification Number 88-0231734, Plan
No. 501) for the period May 1, 2002 to April 30, 2003. The annual report
has been filed with the Pension and Welfare Benefits Administration, as
required under the Employee Retirement Income Security Act of 1974 (ERISA).
Teamsters Local 631 Security Plan for Southern Nevada has committed itself
to pay health, dental and vision benefit claims incurred under the terms of
the Plan.
INSURANCE INFORMATION
The
Plan has contracts with Nevada Pacific Dental to provide dental benefits,
and Pacificare and Health Plan of Nevada to provide health benefits for
certain participants incurred under the terms of the Plan.
The
total premiums paid for the plan year ending April 30, 2003 were $4,972,505.
BASIC FINANCIAL STATEMENT
The
value of plan assets, after subtracting liabilities of the plan, was
($73,559,471) as of April 30, 2003, compared to $(39,099,606) as of May 1,
2002. During the plan year, the plan experienced a decrease in its net
assets of ($34,459,865). This decrease 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 $24,401,370. This income included
employer contributions of $22,165,532, employee contributions of $1,483,974,
realized losses of ($63,099) from the sale of assets, earnings from
investments of $1,046,022, and unrealized depreciation of assets of
($231,059).
Plan expenses were $58,861,235. These expenses included $2,245,062 in
operating expenses and $56,616,173 in benefits paid to or for participant
and beneficiaries, which includes the change in the actuarial liability for
postretirement benefit obligations.
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 report;
2.
Financial information and information on payments to service
providers;
3. Assets held for investment, and;
4. Insurance information.
To
obtain a copy of the full annual report, or any part thereof, write or call
the office of Southwest Administrators, Inc., who is the plan administrator,
2310 Paseo del Prado, Suite A-220, Las Vegas, Nevada, 89102, (702)
252-7001. The charge to cover copying cost will be $4.80 for the full
annual report, or $0.10 per page of 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 statement and accompanying
notes will be included as part of that report. The charge to cover copying
costs set forth above does not include a chare 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
main office of the plan, Southwest Administrators, Inc., 2310 Paseo del
Prado, Suite A-220, Las Vegas, Nevada, 89102, 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 N5638, Pension and Welfare Benefits
Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W.,
Washington, D.C., 20210.
ADDITIONAL EXPLANATION
In
addition to the costs of the Plan’s contract administrator, who also
conducts both systematic and sporadic audits of employers to insure their
compliance with the Trust instrument and other employer obligations to the
Plan under the Collective Bargaining Agreement, operating expenses include
the costs of the Plan’s independent auditor who annually audits the Plan and
its records. Operating expenses also include the costs of the Plan’s
attorney who renders legal advice to the Plan on a continuing basis and also
represents the Plan in its lawsuits against delinquent employers and others.
Operating expenses also include the costs of the Plan’s professional
consultant who provides technical advice and information to the Plan
regarding plan benefits and benefit levels.
It is important that the Administrative office has your correct
address, to keep you updated about your benefit plans. If this notice was
sent to a wrong address, you must contact the Administrator’s office to
report your address change as soon as possible. Also, note that changing a
beneficiary on your health enrollment records does not constitute a change
on your pension or union death benefits. You should always remember to keep
that current as well.
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