49 Auto Way
Pittsburgh, PA 15206
Annual Report For 2002
This is a summary of the Annual Report for the Western Pennsylvania Teamsters and Employers Pension Plan ("Plan") (Employer Iden-tification Number 25 6029946), for the plan year ending December 31, 2002. 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 (benefits are provided in whole from trust funds).
Plan expenses in plan year 2002 were $92,464,180.
These expenses included $5,513,828 in administrative expenses and $86,950,352 in benefits paid to participants and beneficiaries. A total of 24,784 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 $836,827,503 as of December 31, 2002 compared to $967,444,494 as of January 1, 2002. During the plan year, the Plan experienced a decrease in net assets of $130,616,991. This decrease included unrealized appreciation or 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 $-38,152,811, including employer contributions of $38,478,104, employee contributions of $38,789, losses of $-33,716,704 from the sale of assets, and earnings from investments of $-43,298,018.
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.
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, Room N5638, Pension and Welfare Benefit Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
TRUSTEES OF THE WESTERN