SUMMARY ANNUAL REPORT FOR TEAMSTERS LIFE WITH DUES BENEFIT PLAN

SUMMARY ANNUAL REPORT FOR TEAMSTERS LIFE WITH DUES BENEFIT PLAN

This is a summary of the annual report of the Teamsters Life With Dues Benefit Plan (EIN 91-1691238, Plan No. 501) for the period ended December 31, 2016. 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 Teamsters Life With Dues Benefit Plan has committed itself to pay certain death benefit claims incurred under the terms of the plan.

Insurance Information
The plan has a contract with the Union Labor Life Insurance Company to pay life insurance and accidental death and dismemberment benefit claims incurred under the terms of the plan. Premiums paid for the plan year ending December 31, 2016, totaled $157,928.

Basic Financial Statement
The value of plan assets, after subtracting liabilities of the plan, was $14,828,586 as of December 31, 2016, compared to $13,642,782 as of January 1, 2016. During the plan year, the plan experienced an increase in its net assets of $1,185,804. This increase includes unrealized appreciation or 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 $2,888,502. This income included employer contributions of $1,741,524 and earnings from investments of $1,146,978.

Plan expenses were $1,702,698. These expenses included $275,573 in administrative expenses and $1,427,125 in benefits paid to 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 accountant’s report;
2. Financial information and information on payments to service providers;
3. Assets held for investment;
4. Insurance information, including sales commissions paid by insurance carriers; and
5. Information regarding any common or collective trusts in which the plan participates.

To obtain a copy of the full annual report, or any part thereof, write or call the administration office at 14675 Interurban Avenue South, Suite 107, Tukwila, WA 98168, (206) 441-3151. The charge to cover copying costs will be $4.00 for the full annual report or $0.25 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 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, 14675 Interurban Avenue South, Suite 107, Tukwila, WA 98168, and at the U.S. Department of Labor in Washington, DC 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 Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, DC 20210.

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