Summary Annual Reports for plan year Jan. 1, 1995, through Dec. 31, 1995, are being provided for the Emory University Health Care Plan, Life Insurance Plan, Retirement Plan and Group TIAA Total Disability Plan as required by the Employee Retirement Income Security Act of 1974 (ERISA).
Emory University has committed itself to pay certain health, vision and dental claims incurred under the terms of the plan.
INSURANCE INFORMATION
The plan has a contract with the Prudential Insurance Company to pay certain
health, vision and dental claims incurred under the terms of the plan. The
total of the premiums paid for the plan year ending Dec. 31, 1995, was
$9,159,464.
BASIC FINANCIAL STATEMENT
The value of plan assets, after subtracting liabilities of the plan, was
$14,864,339 as of Dec. 31, 1995, compared to $10,820,837 as of Jan. 1, 1995.
During the plan year the plan experienced an increase in its net assets of
$4,043,502. This increase included unrealized appreciation and 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 price the plan originally paid for
these assets. During the plan year, the plan had total income of $37,900,920
including employer contributions of $20,191,676 and employee contributions of
$15,179,147 and a gain of $2,530,097 from the Master Trust.
Plan expenses were $33,857,418. These expenses included $2,821,143 in administrative expenses, $20,200,356 in benefits paid to participants and beneficiaries, and $10,835,919 in other expenses.
INSURANCE INFORMATION
The plan has a contract with Life Insurance Company of Georgia to pay all
claims incurred under the terms of the plan. The total of the premiums paid for
the plan year ending Dec. 31, 1995, was $1,914,924.
Because it is an "experience-rated" contract, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending Dec. 31, 1995, the premiums paid under such experience-rated contract were $1,720,322, and the total of all benefit claims paid under the experience-rated contract during the plan year was $1,411,447.
BASIC FINANCIAL STATEMENT
The value of plan assets, after subtracting liabilities of the plan, was
$3,196,480 as of Dec. 31, 1995, compared to $2,281,630 as of Jan. 1, 1995.
During the plan year the plan experienced an increase in its net assets of
$914,850. This increase included unrealized appreciation and 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 price the plan originally paid for
these assets. During the plan year, the plan had total income of $2,592,728
including employer contributions of $688,228, and employee contributions of
$1,471,953 and a gain of $432,547 from the Master Trust. Plan expenses were
$1,677,878. These expenses included $1,677,878 in benefits paid to participants
and beneficiaries.
BASIC FINANCIAL STATEMENT
Benefits under the plan are provided by individually owned, fully vested
annuity contracts or custodial accounts made available through TIAA/CREF,
Fidelity Investments Institutional Services and The Vanguard Group, Inc. The
total premiums paid for the plan year ending Dec. 31, 1995, were
$40,656,529.55.
INSURANCE INFORMATION
The plan has a contract with Teachers Insurance and Annuity Association to pay
all claims incurred under the terms of the plan. The total premiums paid for
the plan year ending Dec. 31, 1995, were $1,391,453.41.
Because it is an "experience rated" contract, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending Dec. 31, 1995, the premiums paid under such experience-rated contract were $1,391,453.41, and the total of all benefit claims paid under the experience-rated contract during the plan year was $3,680,652.
YOUR RIGHT TO ADDITIONAL INFORMATION
Employees have the right to receive a copy of the full annual report, or any
part thereof, including insurance information on the life insurance, medical
and disability plans, or any of the plans upon request. To obtain a copy of the
full annual report, or any part thereof, write or call the office of the
Associate Vice President of Human Resources, Emory University, Atlanta, GA
30322, telephone number (404) 727-7623, Agent for Emory University, Plan
Administrator.
You also have the legally protected right to examine the annual report at the main office of the plan, Human Resources Division, Emory University, 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: Public Disclosure Room, N5644, Pension and Welfare Benefits Administration, Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20216.