49 Auto Way
Pittsburgh, PA 15206
Annual Report For 2004
Benefits under the Plan are provided by a trust (benefits are provided in whole from trust funds).
Plan expenses in plan year 2004 were $101,411,560.
These expenses included $6,191,836 in administrative expenses and $95,219,724 in benefits paid to participants and beneficiaries. A total of 24,932 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 $1,030,730,822 as of December 31, 2004, compared to $974,582,799 as of January 1, 2004. During the plan year, the Plan experienced an increase in net assets of $56,148,023. This increase 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 $157,559,583, including employer contributions of $43,405,437, employee contributions of $12,096, gains of $14,191,069 from the sale of assets, and earnings from investments of $99,950,981.
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:
1. An Accountant's 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 Pennsyl-vania 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.
OF THE WESTERN