Summary Annual Report
This is a summary of the annual report for the Inter-Local Pension Fund of the Graphic Communications Conference of the International Brotherhood of Teamsters, EIN 36-2164320, for the year ended June 30, 2012. 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 $173,858,798. These expenses included $5,860,579 in administrative expenses and $172,035,822 in benefits paid to participants and beneficiaries. A total of 39,269 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 $1,109,260,238 as of June 30, 2012, compared to $1,231,385,774 as of July 1, 2011. During the plan year, the plan experienced a decrease in its net assets of $122,125,536. This decrease included unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the planís 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 $51,733,262 including (but not limited to) employee contributions of $20,733,403, realized losses of $4,037,603 from the sale of assets, and earnings from investments of $34,819,462.
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 accountant's 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.
7. actuarial information regarding the funding of the plan.
To obtain a copy of the full annual report or any part thereof, write or call Lawrence C. 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, D.C., 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, D.C. 20210.