Public Employee Press

DC 37 benefits: annual reports to fund members

Benefits Fund Trust

These are summaries of the annual financial reports of the District Council 37 Benefits Fund Trust (the Trust), for the periods July 1, 2002 through June 30, 2003, July 1, 2003 through June 30, 2004 and July 1, 2004 through June 30, 2005. These reports have been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptrollers Directive 12 requirements.

Basic Financial Statement for 6/30/03: The value of trust assets, after subtracting liabilities of the Trust, was $198,913,933 as of June 30, 2003, compared to $183,404,014 as of July 1, 2002. During the plan year, the Trust experienced an increase in its net assets of $15,509,919. During the plan year, the Trust had total income of $232,182,985, comprised primarily of employer contributions of $213,776,565, net appreciation in fair value of investments of $8,319,757 and net investment income of $7,420,105.

Trust expenses were $216,673,066. These expenses included $891,027 in administrative expenses and $215,782,039 in distributions to affiliated funds to finance benefits and operating expenses.

Basic Financial Statement for 6/30/04: The value of trust assets, after subtracting liabilities of the Trust, was $148,312,034 as of June 30, 2004, compared to $198,913,933 as of July 1, 2003. During the plan year, the Trust experienced a decrease in its net assets of $(50,601,899). During the plan year, the Trust had total income of $213,550,173, comprised primarily of employer contributions of $208,757,573, net depreciation in fair value of investments of $(1,424,175) and net investment income of $2,713,345.

Trust expenses were $264,152,072. These expenses included $794,589 in administrative expenses and $263,357,483 in distributions to affiliated funds to finance benefits and operating expenses.

Basic Financial Statement for 6/30/05: The value of the Trust assets, after subtracting liabilities of the Trust, was $139,497,027 as of June 30, 2005, compared to $148,312,034 as of July 1, 2004. During the plan year, the Trust experienced a decrease in its net assets of $($8,815,007). During the plan year, the Trust had total income of $231,730,464, comprised of contributions of $221,766,911, net appreciation in the fair value of investments of $8,867,522, and other investment income, net of expenses, of $679,887.

Trust expenses were $240,545,471. These expenses included $1,059,539 in administrative expenses and $239,485,932 in distributions to affiliated funds to finance benefits and operating expenses.

Health & Security Plan
These are summaries of the annual financial reports of the District Council 37 Health & Security Plan Trust (the Fund), for the period July 1, 2002 through June 30, 2003, July 1, 2003 through June 30, 2004 and July 1, 2004 through June 30, 2005. These reports have been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptrollers Directive 12 requirements.

Basic Financial Statement for 6/30/03:* The value of plan assets, after subtracting liabilities of the Plan, was $0 as of June 30, 2003, compared to $0 as of July 1, 2002. 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 $208,104,888, comprised of contributions allocated from the District Council 37 Benefits Fund Trust of $208,017,751, and reimbursements from insurance for World Trade Center disaster expenses of $87,137.

Plan expenses were $208,104,888. These expenses included $11,704,216 in administrative expenses and $196,400,672 in benefits paid to and incurred for participants and their beneficiaries.

Basic Financial Statement for 6/30/04:* The value of plan assets, after subtracting liabilities of the Plan, was $0 as of June 30, 2004, compared to $0 as of July 1, 2003. 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 $255,038,989 comprised of funds allocated from the District Council 37 Benefits Fund Trust.

Plan expenses were $255,038,989. These expenses included $12,233,112 in administrative expenses and $242,805,877 in benefits paid to and incurred for participants and their beneficiaries.

Basic Financial Statement for 6/30/05:* The value of plan assets, after subtracting liabilities of the Plan, was $0 as of June 30, 2005, compared to $0 as of July 1, 2004. 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 $231,182,728 comprised of funds allocated from the District Council 37 Benefits Fund Trust.

Plan expenses were $231,182,728. These expenses included $12,893,746 in administrative expenses and $218,288,982 in benefits paid to and incurred for participants and their beneficiaries.

Education Fund
These are summaries of the annual financial reports of the District Council 37 Education Fund (the Fund), for the period July 1, 2002 through June 30, 2003, July 1, 2003 through June 30, 2004 and July 1, 2004 through June 30, 2005. These reports have been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptrollers Directive 12 requirements.

Basic Financial Statement for 6/30/03:* The value of fund assets, after subtracting liabilities of the Fund, was $0 as of June 30, 2003, compared to $0 as of July 1, 2002. 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 $7,232,894, comprised of contributions allocated from District Council 37 Benefits Fund Trust (BFT) of $7,025,831, government grants and contracts of $192,742 and other income of $14,321.

Fund expenses were $7,232,894. These expenses of $7,232,894 include program costs of $1,962,816, tuition refund program costs of $942,334, government grant and contracts costs of $192,742 and combined educational and administrative costs of $4,135,002.

Basic Financial Statement for 6/30/04:* The value of fund assets, after subtracting liabilities of the Fund, was $0 as of June 30, 2004, compared to $0 as of July 1, 2003. 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 $7,706,672, comprised of contributions allocated from District Council Benefits Fund Trust (BFT) of $7,520,842, government grants and contracts of $161,421 and other income of $24,409.

Fund expenses were $7,706,672. These expenses included $2,255,336 in administrative expenses and $5,451,336 in benefit costs. Basic Financial Statement for 6/30/05:* The value of fund assets, after subtracting liabilities of the Fund, was $0 as of June 30, 2005, compared to $0 as of July 1, 2004. 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 $7,603,361 comprised of contributions allocated from District Council Benefits Fund Trust (BFT) of $7,495,930, government grants and contracts of $98,844 and other income of $8,587.

Fund expenses were $7,603,361. These expenses included $2,506,905 in administrative expenses and $5,096,456 in benefit costs.

Annuity Fund
These are summaries of the annual financial reports of the District Council 37 AFSCME Annuity Fund Plan (the Plan), for the period July 1, 2002 through June 30, 2003, July 1, 2003 through June 30, 2004 and July 1, 2004 through June 30, 2005. These reports have been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptrollers Directive 12 requirements.

Basic Financial Statement for 6/30/03: The value of plan assets, after subtracting liabilities of the Plan, was $41,272,406 as of June 30, 2003, compared to $37,730,069 as of July 1, 2002. During the plan year, the Plan experienced an increase in its net assets of $3,542,337. During the plan year, the Plan had total income of $5,957,732, comprised of employer contributions of $2,880,682 and net investment income of $3,077,050.

Plan expenses were $2,415,395. These expenses included $713,369 in administrative expenses and $1,702,026 in benefits paid to participants and beneficiaries.

Basic Financial Statement for 6/30/04: The value of plan assets, after subtracting liabilities of the Plan, was $46,330,318 as of June 30, 2004, compared to $41,272,406 as of July 1, 2003. During the plan year, the Plan experienced an increase in its net assets of $5,057,912. During the plan year, the Plan had total income of $7,153,610, comprised of employer contributions of $4,912,633 and net investment income of $2,240,977.

Plan expenses were $2,095,698. These expenses included $646,808 in administrative expenses and $1,448,890 in benefits paid to participants and beneficiaries.

Basic Financial Statement for 6/30/05: The value of plan assets, after subtracting liabilities of the Plan, was $51,741,149 as of June 30, 2005, compared to $46,330,318 as of July 1, 2004. During the plan year, the Plan experienced an increase in its net assets of $5,410,831. During the plan year, the Plan had total income of $7,538,977, comprised of employer contributions of $4,252,693 and net investment income of $3,286,284.

Plan expenses were $2,128,146. These expenses included $711,636 in administrative expenses and $1,416,510 in benefits paid to participants and beneficiaries.

* 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.