Summary Annual Report
This is a summary of the annual report for the Inter-Local
Pension Fund of the Graphic Communications International Union,
EIN 36-21 64320, for the year ended June 30, 2002.
The annual report has been filed with the Pension and Welfare
Benefits Administration as required under the Employee Retirement
Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by the trust. Plan
expenses were $122,656,779. These expenses included $6,339,538 in
administrative expenses and $116,317,241 in benefits paid to
participants and beneficiaries. A total of 44,676 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 $1,543,757,631 as of June 30, 2002, compared to
$1,691,663,270 as of July 1, 2001. During the plan year, the plan
experienced a decrease in its net assets of $147,905,639. This
decrease included 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. During the plan year, the plan had total income
of $(25,248,860) including (but not limited to) employee
contributions of $33,136,140, realized losses of $14,429,830 from
the sale of assets, and earnings from investments of
$(44,345,183).
Minimum Funding Standards
The plan is exempted from the provisions of ERISA which deal
with minimum funding standards.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report,
or any part thereof, upon request. The items listed below are
included in that report:
1. an auditors’ report;
2. financial information and information on payments to service
providers;
3. insurance information including sales commissions paid by
insurance carriers;
4. assets held for investment;
5. transactions in excess of 5 percent of plan assets; and
6. information regarding any common or collective trusts,
pooled separate accounts, master trusts or 103-12 investment
entities in which the plan participates.
To obtain a copy of the full annual report or any part
thereof, write or call James Mitchell, who is Executive Director
of the Fund, at 455 Kehoe Boulevard, Suite 100, Carol Stream, IL
60188, (630) 752-8400. The charge to cover copying costs will be
$304.50 for the full annual report or $.25 per page for any part
thereof.
You also have the right to receive from the plan administrator,
on request and at no charge, a statement of the assets and
liabilities of the plan and accompanying notes, or a statement of
income and expenses of the plan and accompanying notes, or both.
If you request a copy of the full annual report from the plan
administrator, these two statements and accompanying notes will be
included as part of that report. The charge to cover copying costs
given above does not include a charge for the copying of these
portions of the report because these portions are furnished
without charge.
You also have the legally protected right to examine the annual
report at the main office of the plan at 455 Kehoe Boulevard,
Suite 100, Carol Stream, IL 60188 and the U.S. Department of Labor
in Washington, DC, or to obtain a copy from the U.S. Department of
Labor upon payment of copying costs. Requests to the Department
of Labor should be addressed to: Public Disclosure Room, N5638,
Pension and Welfare Benefits Administration, U.S. Department of
Labor, 200 Constitution Avenue, NW, Washington, DC 20210.
Summary of Material Modifications
Between January 2002, the date of the most recent summary plan
description, and June 30, 2002, there were no material
modifications to the Inter-Local Pension Fund plan or changes in
information required to be included in the summary plan
description.
Summary Annual Report