Princeton Weekly Bulletin June 21, 1999
ERISA information
Summary Annual Reports may be found below for the following retirement plan offered by Princeton University: the Pension Plan for Biweekly Payroll Employees of Princeton University. The language and format of the summary Annual Reports are mandated by U.S. Department of Labor regulations.
Summary Annual Report for Biweekly Payroll Employees Pension Plan
This is a summary of the annual report for the Pension Plan for Biweekly Payroll Employees, Employer Identification Number 21-0634501, for the plan year beginning July 1, 1997 and ending June 30, 1998. The annual report has been filed with the Internal Revenue Service, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic financial statement. Benefits under the plan are provided by a trust and an insurance company. Plan expenses were $5,077,218. These expenses included $418,565 in admin-istrative expenses and $4,658,653 in benefits paid to participants and beneficiaries. A total of 3,301 persons were participants in or beneficiaries of the plan at the end of the plan year.
The value of plan assets, after subtracting liabilities of the plan, was $111,499,430 as of June 30, 1998, compared to $98,136,770 July 1, 1997. During the plan year the plan exper-ienced an increase in its net assets of $13,362,660. This increase 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 a total income of $18,439,878, including gains of $1,936,979 from sale of assets, and earnings from investments of $16,474,188.
Minimum funding standards. An actuary's statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.
Rights to additional information
You have the right to receive a copy of the full annual report, or any part thereof, for the plans noted above, on request. The items listed below are included in the annual report for the Pension Plan for Biweekly Payroll Employees: an accountant's report; assets held for investment; transactions in excess of five percent of plan assets; insurance information including sales commissions paid by insurance carriers; and actuarial information regarding the funding of the plan.
To obtain a copy of the full annual report or any part thereof, contact Nancy Feldman, Senior Benefits Analyst, Human Resources, Clio Hall, Princeton University, Princeton, NJ 08544-5264 (609) 258-3300.
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, Office of Human Resources, Clio Hall, Princeton Univ-ersity, Princeton, NJ 08544-5264, 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, N-5638, Pension and Welfare Benefit Administration, US Department of Labor, Frances Perkins Department of Labor Building, 200 Constitution Ave., NW, Washington, DC 20210.