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DAY CARE COUNCIL – LOCAL 205 WELFARE AND GROUP LEGAL FUNDS SUMMARY ANNUAL REPORTS
Day Care Council – Local 205, D.C. 1707 Welfare Fund
This is a summary of the annual report of the Day Care Council – Local 205, D.C. 1707 Welfare Fund, Employer Identification Number 13-2672380, for the fiscal year beginning July 1, 2004 and ending June 30, 2005. The annual report has been filed with the department of labor, as required under the Employee Retirement Income Security Act of 1974 ( ERISA ).
The Board of Trustees of the Fund has committed itself to pay service benefits for certain prescription drugs, optical, and professional nursing care, prosthetic/orthopedic and other durable medical appliances, ambulance services, job-related tuition assistance, short-term supplemental disability income, orthodontics, TMJ disorder and some survivor benefit claims incurred under terms of the plan. Hospital and basic dental service benefits are provided through insurance contracts.
Insurance Information
The fund has contracts with Empire Blue Cross and Blue Shield to pay certain hospitalization claims and with Group Health, Inc., to pay certain dental claims incurred under the terms of the plan. The total premiums paid for the plan year ending June 30, 2005 were $3,484,285. Because they are so-called “experience rated contracts”, the premium cost is affected by, among other things, the number and size of claims.
The total insurance premiums paid for the plan year ending June 30, 2005, under such experience-rated contracts were $3,484,285 and the total of all benefit claims paid under these experience-rated contracts during the plan year was $2,445,486.
Basic Financial Statement
The value of the plan assets, after subtracting liabilities of the plan, was $16,186,188 as of June 30, 2005, compared to $17,978,463 as of July 1, 2004. During the plan year the plan experienced a decrease in its net assets of $1,792,275. This decrease includes unrealized appreciation 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. During the plan year, the plan had total income of $7,622,089, including employer contributions of $6,835,957, employee contributions of “zero” dollars, earnings from investments of $550,963, and unrealized appreciation of assets of $145,607. Total plan expenses were $9,414,364. These expenses included $988,236 in administrative expenses, $8,281,329 in benefits paid to participants and dependents, and $144,799 allocated to the Group Legal Fund.
Day Care Council – Local 205, D.C. 1707 Group Legal Fund
This is a summary of the annual report of the Day Care Council – Local 205, D.C. 1707 Group Legal Fund, Employer Identification Number 13-6772380, for the fiscal year beginning July 1, 2004 and ending June 30, 2005. The annual report has been filed with the Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
The Board of Trustees of the Fund has committed itself to pay certain legal services, on an hourly and/or fixed fee basis, covered under the terms of the legal plan.
Basic financial statement
The value of plan assets, after subtracting liabilities of the plan was $0 as of June 30, 2005. During the plan year the plan experienced “zero” increase in its net assets. During the plan year, the plan had total income of $144,817 including a Welfare Fund allocation of $144,799, employer and employee contributions of “zero” dollars, realized gains of “zero” dollars from the sale of assets and earnings from investments of $18.
Plan expenses were $144,817. These expenses included $18,371 in administrative expenses, $126,446 in Legal Service benefits to participants and “zero” dollars in other expenses.
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:
· an accountant’s report · assets held for investment · 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 Fund, ask for Iris N. Jusino, who is the Fund Administrator, at 75 Varick Street, New York, NY 10013, (212)925-0005. The charge to cover copying costs will be $4.75 for the full report, or $.25 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 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. The charge to cover copying costs 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 main office of the plan, 75 Varick Street, New York, NY and at the U.S. Department of Labor in Washington, D.C. or 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-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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Day Care Council-Local 205, D.C. 1707 Welfare Fund / Group Legal Fund
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