Summary Annual Report 2020

Financial report
 
 

This is a summary of the annual report for the Professional Musicians, Local 47 and Employers’ Health and Welfare Fund, EIN 95-2645284, a multiemployer Trust, for the year beginning April 1, 2019 and ending March 31, 2020. 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 Information

The following brief description of the Trust benefits are provided for general information purposes only. Participants should refer to the Trust document for more complete information.

The Trust has contracts with Prudential Insurance Company of America to pay certain life insurance claims and AD&D claims. The Trust also maintains a medical plan under contract with Kaiser Permanente and Blue Shield of California for standard medical coverage for participants and dependents. Delta Dental and Deltacare provides standard dental benefits, Gerber Life Insurance Co. provides vision, and Landmark Healthplan provides chiropractic benefits. The total insurance premiums charged to the Trust for the year ended March 31, 2020 were $3,126,765.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $1,705,411 as of March 31, 2020, compared to $2,464,113 as of April 1, 2019. During the plan year the plan experienced a decrease in its net assets of $758,702. This decrease includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the Trust’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 Trust year the Trust had total income of $3,053,461 including employer contributions of $2,314,586, employee contributions of $1,064,765, and losses from investments of $325,890. Trust expenses were $3,812,163. These expenses included $657,466 in operating expenses, $27,932 in investment expenses, and $3,126,765 in insurance premiums charged by insurance companies and a health maintenance organization.

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. Assets held for investment;

  3. Insurance information including sales and commissions paid by insurance carriers.

To obtain a copy of the full annual report, or any part thereof, write or call the office of Professional Musicians, Local 47 and Employers’ Health and Welfare Fund, 1000 N. Central Avenue, Suite 400, Glendale, CA 91202, (818) 243-0222, 95-2645284 (Employer Identification Number)

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. (The current year’s audited financial statements). 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. These portions of the report are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan: Professional Musicians, Local 47 and Employers’ Health and Welfare Fund, 1000 N. Central Avenue, Suite 400, Glendale, CA 91202 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: U.S. Department of Labor, Employee Benefits Security Administration, Room N-1513, 200 Constitution Avenue N.W., Washington, D.C. 20210.