Summary Annual Report
Western Pennsylvania Teamsters And Employers
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
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
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:
- An Accountant's report.
- Financial information and information on payments to service providers.
- Assets held for investment.
- Fiduciary information, including transactions between the Plan and
the parties-in-interest (that is, persons who have certain relationships
with the Plan).
- Loans or other obligations in default or classified as uncollectible.
- Transactions in excess of 5 percent of the Plan assets.
- Actuarial information regarding the funding of the Plan.
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, 900 Parish Street, Suite 101, Pittsburgh, PA 15220, 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
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, 900 Parish Street, Suite 101, Pittsburgh, PA 15220, 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
PENNSYLVANIA TEAMSTERS AND
EMPLOYERS PENSION FUND