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, 2005 through June 30, 2006. 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 6/30/06: The value of trust assets, after subtracting liabilities of the Trust, was $133,118,362 as of June 30, 2006, compared to $139,497,027 as of July 1, 2005. During the plan year, the Trust experienced a decrease in its net assets of ($6,378,665). During the plan year, the Trust had total income of $235,188,646 comprised of contributions of $232,902,892, net appreciation in the fair value of investments of $1,082,743, other investment income, net of expenses, of $615,664, and other income of $143,523.

Trust expenses were $241,567,311. These expenses included $837,256 in administrative expenses and $240,730,056 in distributions to affiliated funds to finance benefits and operating expenses.

Health & Security Plan
Basic Financial Statement for 6/30/06:* The value of plan assets, after subtracting liabilities of the Plan, was $0 as of June 30, 2006, compared to $0 as of July 1, 2005. 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 $239,950,216, comprised of funds allocated from the District Council 37 Benefits Fund Trust of $232,514,191 and Medicare Part D subsidy earned of $7,436,025.

Plan expenses were $239,950,216. These expenses included $12,757,661 in administrative expenses and $227,192,555 in benefits and programs paid to and incurred for participants and their beneficiaries.

Education Fund
Basic Financial Statement for 6/30/06:* The value of fund assets, after subtracting liabilities of the Fund, was $0 as of June 30, 2006, compared to $0 as of July 1, 2005. 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 $7,713,787 comprised of contributions allocated from District Council 37 Benefits Fund Trust (BFT) of $7,462,033, government grants and contracts of $244,018 and other income of $7,736.

Fund expenses were $7,713,787. These expenses included $2,337,871 in administrative expenses and $5,375,916 in benefit costs.

Annuity Fund
Basic Financial Statement for 6/30/06:* The value of plan assets, after subtracting liabilities of the Plan, was $54,265,944 as of June 30, 2006, compared to $51,741,149 as of July 1, 2005. During the plan year, the Plan experienced an increase in its net assets of $2,524,795. During the plan year, the Plan had total income of $5,235,976, comprised of employer contributions of $4,033,735 and net investment income of $1,202,241.

Plan expenses were $2,711,181. These expenses included $719,680 in administrative expenses and $1,991,501 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.