Summary Annual Report

Summary Annual Report

for

AMERICAN POSTAL WORKERS ACCIDENT BENEFIT ASSOCIATION

 

This is a summary of the annual report for the AMERICAN POSTAL WORKERS ACCIDENT BENEFIT ASSOCIATION, (Employer Identification No. 02-0181885, Plan No. 501) for the period January 1, 2018 to December 31, 2018.  The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

 

BASIC FINANCIAL STATEMENT

The value of plan assets, after subtracting liabilities of the plan, was $180,992 as of December 31, 2018 compared to $405,687 as of January 1, 2018.  During the plan year the plan experienced a decrease in its net assets of $224,695.  This decrease includes unrealized appreciation or depreciation in the value of 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, or the cost of assets acquired during the year.  During the plan year, the plan had total income of $1,716,390.  This income included employee contributions of $1,714,816, realized losses of $230 from the sale of assets and earnings from investments of $-9,124.  Plan expenses were $1,941,085.  These expenses included $1,491,885 in administrative expenses and $449,200 in benefits paid to participants and beneficiaries.

 

YOUR RIGHTS TO ADDITIONAL INFORMATION

You have the right to receive a copy of the full annual report, or any part thereof, on request.  The items listed below are included in that report:

  1. An accountant's report;
  2. Assets held for investment;
  3. Transactions in excess of 5 percent of the plan assets; and
  4. Insurance information including sales commissions paid by insurance carriers.

 

To obtain a copy of the full annual report, or any part thereof, write or call the office of

American Postal Workers Accident Benefit Association

PO Box 120

Rochester, NH 03866

02-0181855 (Employer Identification Number)

603-330-0282 or the Plan Administrator

 

You also have the right to receive from the plan administrator, 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 full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report.  These portions of the report are furnished without charge.

 

You also have the legally protected right to examine the annual report at the main office of the plan:

American Postal Workers Accident Benefit Association PO Box 120

Rochester, NH 03866

 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 should be addressed to:   U.S. Department of Labor, Employee Benefits Security Administration, Public Disclosure Room, 200 Constitution Avenue, NW, Suite N-1513, Washington, D.C. 20210.