Summary Annual Report 2019

Financial report
 
 

This is a summary of the annual report of the Professional Musicians, Local 47 and Employers' Health and Welfare Fund, Employer Identification Number 95-2645284, a multiemployer plan, for the year ended March 31, 2019. The annual report has been filed with the Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Insurance Information

The Plan has contracts with Blue Shield, Kaiser, Gerber Life Insurance Company (administered by MES Vision), Delta Dental of California and Landmark Health Plan to pay certain medical, vision, life, dental and chiropractic claims incurred under the terms of the Plan. The total premiums paid for the plan year ending March 31, 2019 were $2,799,337.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $2,464,113 as of March 31, 2019, compared to $4,083,178 as of March 31, 2018. During the plan year the plan experienced a decrease in its net assets of $1,619,065. 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 $3,850,861 including employer contributions of $2,428,041, employee contributions of $1,132,494, earnings from investments of $187,645, unrealized appreciation in the value of plan assets of $20,705 and gain on sale of investments of $81,976.

Plan expenses were $5,469,926. These expenses included $605,165 in operating expenses, and $4,864,761 in benefits paid for participants.

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;

  4. transactions in excess of 5 percent of plan assets; and,

  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 Pacfed Benefit Administrators, who are the plan administrators, 1000 N. Central Avenue, Suite 400, Glendale, CA 91202, (800) 759-3132. The charge to cover copying costs for the full annual report will be $0.25 per page.

You also have the right to receive from the plan administrator, on request and at no charge, a statement of 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 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 main office of the plan, 1000 N. Central Avenue, Suite 400, Glendale, CA 91202, 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 of Labor should be addressed to: U.S. Department of Labor, Employee Benefits Security Administration, Public Disclosure Room, 200 Constitution Avenue, N.W., Room NB1513, Washington, D.C. 20210. To request copies by phone, call (202) 693-8673.