This is a summary of the annual report for the Insurance and Benefits Trust of the Peace Officers Research Association of California, (Employer Identification No 68-6068469, Plan No. 501) for the period beginning January 1, 2021 and ending December 31, 2021.
The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
SELF-FUNDED BENEFIT INFORMATION
The Trust maintains long term disability and death benefits under a self-funded program.
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 Standard Insurance Company to pay long term disability and life insurance claims, with ReliaStar Insurance Company for life insurance and AD&D. The total insurance premiums charged to the Trust for the year ended December 31, 2021 were $5,312,903.
BASIC FINANCIAL STATEMENT
Benefits under the Trust are provided by the Trust and insurance. Trust expenses were $7,180,808. These expenses included $1,438,106 operating expenses, $32,426 in investment expenses, $397,373 in benefits paid directly to participants and beneficiaries, and $5,312,903 in insurance premiums charged by insurance companies.
The value of Trust assets, after subtracting liabilities of the Trust, was $9,036,558 as of December 31, 2021 compared to $6,859,168 as of January 1, 2021. During the Trust year the Trust experienced an increase in its net assets of $2,177,390. This increase includes unrealized appreciation or depreciation in the value of Trust 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. The Trust had total income of $9,358,198. This income included participant contributions of $7,518,056, gains on investments of $1,347,702 and other income of $492,440.
Benefits and eligibility rules will change from time to time. Be sure to use the most recent Trust booklet and to read any special notices about your coverage. Do not rely on outdated information. If you lost your coverage you may be entitled to continue it by making self-payments. Consult your booklet or the Trust office for details.
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 investments;
- 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 Board of Trustees, Insurance and Benefit Trust Fund of the Peace Officers Research Association of California, 2960 Advantage Way, Sacramento, CA 95834. The charge to cover copying costs will be $0.25 per page for any part thereof.
You also have the right to receive from the Contract 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 Contract 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, 2960 Advantage Way, Sacramento, CA 95834, 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-1513, Employee Benefit Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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