Summary Annual ReportThis is a summary of the Annual Report for the ITPE Pension Fund, (Employer Identification No. 11-2506736, Plan No. 001) for the period October 1, 2010 to September 30, 2011. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act Of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by a trust (benefits are provided in whole from trust funds). Plan expenses were $13,224,451. These expenses included $1,567,625 in administrative expenses and $11,656,826 in benefits paid to participants and beneficiaries. A total of 31,124 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $116,005,648 as of September 30, 2011 compared to $110,563,800 as of October 1, 2010. During the plan year the plan experienced an increase in its net assets of $5,441,848. 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. The plan had total income of $18,666,299, including employer contributions of $13,846,994, losses of $223,111 from the sale of assets and earnings from investments of $5,027,428 and the other income of $14,988.
Minimum Funding Standards
Enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.
- An accountant's report;
- Assets held for investment;
- Transactions in excess of 5 percent of the plan assets; and
- Information regarding any common or collective trust, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.