Issue link: http://digital.copcomm.com/i/1400485
T H I S I S A S U M M A R Y of the annual report of the California Teachers Associ- ation Economic Benefits Trust Member Welfare Benefit Plan, EIN 94-0362310, Plan No. 590, for the period Sept. 1, 2019, through Aug. 31, 2020. e annual report has been filed with the Employee Bene- fits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). Insurance Information The plan has contracts with Standard Insurance Company to pay life insurance, temporary disability, long-term disability, and accidental death and dismember- ment claims incurred under the terms of the plan. e total premiums paid for the plan year ending Aug. 31, 2020, were $46,293,521. Because they are so-called "experience- rated" contracts, the premium costs are af fect ed by, among oth er things, th e number and size of claims. Of the total insurance premiums paid for the plan year ending Aug. 31, 2020, the premiums paid under such "experience-rated" con- tracts were $46,293,521 and the total of all benefit claims paid under these contracts during the plan year was $26,874,747. Basic Financial Statement e value of plan assets, after subtracting liabilities of the plan, was $140,760,261 a s o f A u g . 3 1 , 2 0 2 0 , c o m p a r e d t o $125,537,653 as of Sept. 1, 2019. During the plan year, the plan experienced an increase in its net assets of $15,222,608. is increase includes unrealized appre- ciation 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 $64,334,109, including employee con- tributions of $46,365,475, realized gains of $242,021 from the sale of assets, earnings from investments of $6,551,904, and other income of $11,174,709. Plan expenses were $49,111,501. ese expenses included $1,870,373 in admin- istrative expenses, and $47,241,128 in benefits paid to participants and bene- ficiaries. 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; • Assets held for investment; • Insurance information, including sales commissions paid by insurance carriers. To obtain a copy of the full annual report, or any part thereof, contact the office of the California Teachers Associ- ation, in care of Carole Anne Luckenbach (the plan administrator), 1705 Murchison Drive, Burlingame, CA 94010, or call 650- 697-1400. 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 accompany- ing notes, or a statement of income and expenses of the plan and accompany- ing 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. You also have the legally protected 2019-20 Summary Annual Report right to examine the annual report at the main office of the plan (California Teach- ers Association, 1705 Murchison Drive, Burlingame, CA 94010) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Depart- ment of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Secu- rity Administration , U.S. Department of Labor, 200 Constitution Avenue NW, Washington, DC 20210. Paperwork Reduction Act Statement According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13)(PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Man- a gem ent a n d Bu d ge t (OMB ) c ontro l number. The Department notes that a Federal agency cannot conduct or spon- sor a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, not- withstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of informa- tion does not display a currently valid OMB control number. See 44 U.S.C. 3512. The public reporting burden for this collection of information is estimated to avera ge l e ss than on e minut e p er notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regard- ing the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Att e n t i o n : D e p a r t m e n t a l C l e a ra n c e Of ficer, 200 Constitution Avenue NW, Room N-1301, Washington, D C 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040. OMB Control Number 1210-0040 (expires 06/30/2022) For CTA Economic Benefits Trust Member Welfare Benefit Plan 57 A U G U S T / S E P T E M B E R 2 0 21 C