49 Auto Way
Pittsburgh, PA 15206
Summary Annual Report
This is a summary of the Annual Report for the Western Pennsylvania Teamsters and Employers Pension Plan ("Plan"), Employer Identification Number 25?6029946, for the plan year ending December 31, 2000. The Annual Report has been filed with the Department of Labor, 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 a trust.
Plan expenses in plan year 2000 were $84,303,279.
These expenses included $5,829,461 in administrative expenses and $78,473,818 in benefits paid to participants and beneficiaries. A total of 24,817 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 the Plan assets, after subtracting liabilities of the Plan, was $1,033,252,342 as of December 31, 2000 compared to $1,080,261,044 as of January 1, 2000. During the plan year the Plan experienced a decrease in net assets of $47,008,702. This decrease included unrealized depreciation in the value of the 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 including the cost of assets acquired during the year. The Plan had total income of $37,294,577, including employer contributions of $36,099,760, employee contributions of $20,568, unrealized depreciation of assets of $(4,153,020), net loss from the sale of assets of $(9,587,874), earnings from investments of $14,565,735, and other income of $349,408.
Minimum Funding Standards
An Actuary's statement shows that enough money was contributed to the Plan to keep it funded in accordance with the minimum funding standards of ERISA.
Your Rights To Additional Information
You have the right to receive a copy of the complete Annual Report, or any part thereof, on request. The items below are included in that report:
To obtain a copy of the complete Annual Report or any part thereof, write to the Plan's Office at the Western Pennsylvania Teamsters and Employers Pension Fund, 49 Auto Way, Pittsburgh, PA 15206-3663, toll free 800-362-4201. The charge to a Plan participant to cover copying costs will be $10.00 for the complete Annual Report, or 20 cents per page for any part thereof.
You, as a Plan participant, also have the right to receive from the Plan, 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 complete Annual Report from the Plan, these two statements and accompanying notes will be included as part of the Annual Report. The charge to cover copying costs stated above does not include a charge for the copying of these portions of the Annual Report because these portions are furnished without charge.
You also have the legally protected right to examine the Annual Report at the office of the Plan, located at the Western Pennsylvania Teamsters and Employers Pension Fund, 49 Auto Way, Pittsburgh, PA 15206-3663, 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 of Labor should be addressed to: Public Disclosure Room, N?4677, Pension and Welfare Benefit Programs, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20216.
TRUSTEES OF THE WESTERN