Public Employee Press

DC 37 Benefits: Annual reports to Fund members

Following are summaries of the annual financial reports of the District Council 37 Benefits Fund Trust (the Trust), the District Council 37 Health & Security Plan Trust (the Fund), the District Council 37 Education Fund (the Fund), and the District Council 37 AFSCME Annuity Fund Plan (the Plan), for the period July 1, 2008, through June 30, 2009. These reports have been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptroller’s Directive 12 requirements.

Benefits Fund Trust

Basic Financial Statement for 6/30/09: The value of the Trust assets, after subtracting liabilities of the Trust, was $201,235,937 as of June 30, 2009, compared to $209,715,688 as of July 1, 2008. During the plan year, the Trust experienced a decrease in its net assets of $(8,479,751). During the plan year, the Trust had total income of $241,912,558, comprised of contributions of $243,792,639, investment loss, including expenses, of $(2,146,874), and other income of $266,793.

Trust expenses were $250,392,309. These expenses included $911,302 in administrative expenses and $249,481,007 in distributions to affiliated funds to finance benefits and operating expenses.

Health & Security Plan

Basic Financial Statement for 6/30/09:* The value of plan assets, after subtracting liabilities of the Plan, was $ - 0 - as of June 30, 2009, compared to $ - 0 - as of July 1, 2008. During the plan year, the Plan experienced an increase in its net assets of $ - 0 -. During the plan year, the Plan had total income of $254,657,698, comprised of funds allocated from the District Council 37 Benefits Fund Trust (BFT) of $239,419,741, Medicare Part D subsidy earned of $15,126,765, and other income of $111,192.

Plan expenses were $254,657,698. These expenses included $15,138,484 in administrative expenses and $239,519,214 in benefits and programs paid to and incurred for participants and their beneficiaries.

Education Fund

Basic Financial Statement for 6/30/09:* The value of Fund’s assets, after subtracting liabilities of the Fund, was $ - 0 - as of June 30, 2009, compared to $ - 0 - as of July 1, 2008. During the plan year, the Fund experienced an increase in its net assets of $ - 0 -. During the plan year, the Fund had total income of $9,179,379, comprised of contributions allocated from District Council 37 Benefits Fund Trust (BFT) of $9,167,232, government grants and contracts of $1,849 and other income of $10,298.

Fund expenses were $9,179,379. These expenses included $2,863,780 in administrative expenses and $6,315,599 in benefit costs.

* The Fund receives an allocation of funds from the BFT, an affiliated employee benefit plan, equivalent to its net cost of operations. As a result, the Fund does not reflect any changes in net assets available for benefits and the net assets available for benefits at year end remain at zero.

Annuity Fund

Basic Financial Statement for 6/30/09: The value of plan assets, after subtracting liabilities of the Plan, was $62,350,091 as of June 30, 2009, compared to $62,639,915 as of July 1, 2008. During the plan year, the Plan experienced a decrease in its net assets of $(289,824). During the plan year, the Plan had total income of $2,884,084, comprised of employer contributions of $4,837,351, net investment loss of $(2,104,287), and other income of $151,020.

Plan expenses were $3,173,908. These expenses included $745,807 in administrative expenses and $2,428,101 in benefits paid to participants and beneficiaries.