Annual Report For 2002
Western Pennsylvania Teamsters And Employers
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
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
- An Accountant's report.
- Financial information
and information on payments to service providers.
- Assets held for investment.
- 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, 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
PENNSYLVANIA TEAMSTERS AND
EMPLOYERS PENSION FUND