Summary Annual Report 2022

 
 

This is a summary of the annual report of the Multi-Union Security Trust Fund, E.I.N. 93-1146155, Plan No. 501, for the year ended December 31, 2021. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Insurance Information

The plan has contracts with Blue Cross of California, Anthem Blue Cross Life and Health Insurance Company, Dental Health Services and Davis Vision (HM Life Insurance Co.) to provide certain medical, dental, vision, life and accidental death and dismemberment, and mental health benefits incurred under the terms of the plan. The total premiums paid for the plan year ended December 31, 2022 was $14,514,112.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $13,817,168 as of December 31, 2022, compared to $14,718,339 as of January 1, 2022. During the plan year, the plan experienced a decrease in its net assets of $901,171. During the plan year, the plan had total income of $15,644,072 including employer contributions of $16,678,726, participant contributions of $11,882, losses of $136,969 from the sale of assets, and losses from investments of $909,567. Plan expenses were $16,545,243. These expenses included $650,321 in administrative expenses and $15,894,922 in benefits paid to or for participants and beneficiaries.

Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

  1. An independent auditors' report;

  2. Financial information and information on payments to service providers;

  3. Assets held for investment; and

  4. Transactions in excess of 5% of the plan assets; and

  5. Insurance information, including sales commissions paid by insurance carriers.

To obtain a copy of the full annual report, or any part thereof, write the office of Pacific Federal, LLC, who is the contract administrator, 1000 North Central Avenue, Suite 400, Glendale, CA 91202, (818) 243-0222. The charge to cover copying costs will be $8.50 for the full annual report, or 25 cents 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 (1000 North Central Avenue, Suite 400, Glendale, CA 91202) and at 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 should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

 
Announcement, Summary Annual ReportAS Design