Emory Report

 September 22, 1997

 Volume 50, No. 5

SUMMARY ANNUAL REPORT

Summary Annual Report for plan year January 1, 1996 through December 31, 1996 are being provided for the Emory University Health Care Plan, Life Insurance Plan, Retirement Plan, and Group Long Term Disability Plan, EIN 58-0566256, as required by the Employee Retirement Income Security Act of 1974(ERISA).

HEALTHCARE PLAN

Insurance Information

The plan has contracts with THE PRUDENTIAL INSURANCE COMPANY to pay claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 1996 were $11,886,949.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $21,906,738 as of December 31, 1996, compared to $14,864,339 as of January 1, 1996. During the plan year the plan experienced an increase in its net assets of $7,042,399. This increase includes 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 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 $42,566,758 including employer contributions of $25,481,184, employee contributions of $14,567,207, and earnings from investments of $2,518,367.

Plan expenses were $35,524,359. These expenses included $2,756,393 in administrative expenses and $32,767,966 in benefits paid to participants and beneficiaries.

GROUP LIFE INSURANCE PLAN

Insurance Information

The plan has a contract with Life Insurance Company of Georgia to pay claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 1996 were $2,003,810.

Because it is a so called "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 December 31, 1996, the premiums paid under such "experience-rated" contract were $1,802,575 and the total of all benefit claims paid under the experience-rated contract during the plan year was.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $4,346,195 as of December 31, 1996, compared to $3,196,480 as of January 1, 1996. During the plan year the plan experienced an increase in its net assets of $1,149,715. This increase includes 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 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 $3,249,172 including employer contributions of $1,261,341, employee contributions of $1,540,107, and earnings from investments of $447,724.

Plan expenses were $2,099,457. These expenses included $2,099,457 in benefits paid to participants and beneficiaries.

RETIREMENT PLAN

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 December 31, 1995 were $32,544,243.

GROUP LONG TERM DISABILITY PLAN

Insurance Information

The plan has a contract with UNUM LIFE INSURANCE COMPANY to pay claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 1996 were $1,090,469.

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; and

2. 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 EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322, (404) 727-7623.

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.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) 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: Public Disclosure Room, N-5638, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.


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