Public Employee Press

DC 37 BENEFITS: ANNUAL REPORTS TO FUND MEMBERS

Following are summaries of the annual financial reports of the DC 37 Benefits Fund Trust, the DC 37 Health & Security Plan Trust, the DC 37 Education Fund, and the DC 37 AFSCME Annuity Fund Plan, for the period July 1, 2009, through June 30, 2010. These reports have been filed with the Comptroller of the City of New York pursuant to the City Comptroller's Directive 12 requirements.

Benefits Fund Trust Basic Financial Statement for 6/30/10: The value of the Trust assets, after subtracting liabilities, was $228,391,483 as of June 30, 2010, compared to $201,235,937 as of July 1, 2009. During the plan year, the Trust experienced an increase in net assets of $27,155,546. The Trust had total income of $285,429,003, made up of contributions of $268,737,549, investment gain, including expenses of $16,634,085 and other income of $57,369. Trust expenses were $258,273,457, including $1,006,354 in administrative expenses and $257,267,103 in distributions to affiliated funds to finance benefits and operating expenses.

Health & Security Plan Basic Financial Statement for 6/30/10:* The value of plan assets, after subtracting liabilities, was $0 as of June 30, 2010, compared to $0 as of July 1, 2009. During the plan year, the Fund experienced an increase in its net assets of $0 and had total income of $264,146,551, made up of funds allocated from the DC 37 Benefits Fund Trust of $246,811,443, Medicare Part D subsidy earned of $17,130,423, and other income of $204,685. Fund expenses were $264,146,551, including $16,552,468 in administrative expenses and $247,594,083 in benefits and programs paid to and incurred for participants and their beneficiaries.

Education Fund Basic Financial Statement for 6/30/10:* The value of the Fund's assets, after subtracting liabilities of the Fund, was $0 as of June 30, 2010, compared to $0 as of July 1, 2009. During the plan year, the Fund experienced an increase in its net assets of $0 and had total income of $9,471,215, made up of contributions allocated from DC 37 Benefits Fund Trust of $9,463,863, and other income of $7,352. Fund expenses were $9,471,215, including $2,731,930 in administrative expenses and $6,739,285 in benefit costs.

Annuity Fund Basic Financial Statement for 6/30/10: The value of plan assets, after subtracting liabilities, was $70,583,275 as of June 30, 2010, compared to $62,350,091 as of July 1, 2009. During the plan year, the plan experienced an increase in its nets assets of $8,233,184 and had total income of $11,653,204, made up employer contributions of $4,643,749, income from settlements of $28,498, and net investment income of $6,980,957. Plan expenses were $3,420,020, including $759,917 in administrative expenses and $2,660,103 in benefits paid to participants and beneficiaries.

* The Fund receives an allocation of funds from the Benefits Fund Trust, 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.