Summary Annual Report 2022

 
 

This is a summary of the annual report of the Professional Musicians, Local 47 and Employers’ Health and Welfare Fund, E.I.N. 95- 2645284, Plan No. 501, for the year ended March 31, 2022. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Insurance Information

The plan has contracts with Blue Shield of California, Kaiser Foundation Health Plan Inc., Prudential Insurance Company of America, Delta Dental of California, MES Vision and Landmark HealthPlan to provide certain benefits incurred under the terms of the plan. The total premiums paid for the plan year ended March 31, 2022 was $3,129,187.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $4,013,786 as of March 31, 2022, compared to $2,044,174 as of April 1, 2021. During the plan year, the plan experienced an increase in its net assets of $1,969,612. This increase includes unrealized appreciation and 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. During the plan year, the plan had total income of $2,871,463 including employer contributions of $1,704,806, participant contributions of $931,003, losses of $712 from the sale of assets, earnings from investments of $79,561 and other income of $156,805.

Plan expenses were $901,851. These expenses included $682,956 in administrative expenses and $218,895 in benefits paid to or for participants and beneficiaries.

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 independent auditors' report;

  2. Financial information and information on payments to service providers;

  3. Assets held for investment; and

  4. Transactions in excess of 5% of the 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 the office of Pacific Federal, LLC, who is the contract administrator, 1000 North Central Avenue, Suite 400, Glendale, CA 91202, (818) 243-0222. The charge to cover copying costs will be $8.50 for the full annual report, or 25 cents 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 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 North 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: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

 
Announcement, Summary Annual ReportAS Design