This is a summary of the annual report for LOCAL 802 MUSICIANS HEALTH FUND, EIN 13-6198844, Plan Number 501, for the period October 1, 2016 to September 30, 2017. The annual report has been filed with the Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
BOARD OF TRUSTEES LOCAL 802 has committed itself to pay the following types of claims incurred under the terms of the plan: certain medical, sick pay, prescription drugs & vision claims.
The plan has (a) contract(s) with EMPIRE HEALTHCHOICE ASSURANCE, INC, FIDELITY SECURITY LIFE INSURANCE CO., EMPIRE HEALTHCHOICE HMO, INC, Fidelity Security Life Insurance Company of New York, and Delta Dental of New York to pay the following types of claims incurred under the terms of the plan: certain medical, dental & vision claims. The total premiums paid for the plan year ending September 30, 2017 were $4,339,302.
BASIC FINANCIAL STATEMENT
The value of plan assets, after subtracting liabilities of the plan, was $17,149,471 as of September 30, 2017, compared to $16,377,601 as of October 1, 2016. During the plan year the plan experienced a change in its net assets of $771,870. This change 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. The plan had total income of $14,364,535 which included employer contributions of $10,315,988, employee contributions of $3,000,448, gain/loss of $0 from the sale of assets, and earnings from investments of $1,046,561. Total plan expenses were $13,592,665. These expenses included $1,339,311 in administrative expenses and $12,253,354 in benefits paid to participants and beneficiaries, and $0 in other expenses.
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
- Financial information and information on payments to service providers
- Assets held for investment
- Insurance information including sales commissions paid by insurance carriers
- Information regarding any common or collective trusts, pooled separate accounts, master trusts, or 103-12 investment entities in which the plan participates.
To obtain a copy of the full annual report, or any part thereof, write or call the office of: BOARD OF TRUSTEES LOCAL 802, MUSICIANS HEALTH FUND, 322 WEST 48TH STREET, NEW YORK, NY 10036, (212) 245-4802. 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 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: BOARD OF TRUSTEES LOCAL 802, MUSICIANS HEALTH FUND, 322 WEST 48TH STREET, NEW YORK, NY 10036 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, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, DC 20210.