Issue link: http://educator.cta.org/i/1525262
T H I S I S A S U M M A R Y of the annual report of the California Teachers Associ- ation Economic Benefits Trust Member Welfare Benefit Plan, EIN 94-0362310, Plan No. 590, for period September 1, 2022 through August 31, 2023. e annual report has been filed with the Employee Ben ef its Security Admini stration , as required under the Employee Retirement Income Security Act of 1974 (ERISA). Insurance Information The plan has contracts with Standard Insurance Company to pay certain life insurance, temporar y disability, long- term disability and accidental death & dismemberment claims incurred under the terms of the plan. e total premiums paid for the plan year ending August 31, 2023 were $49,059,960. Because they are so called "experi- ence-rated" contracts, 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 August 31, 2023, the premi- ums paid under such "experience-rated" contracts were $49,059,960 and the total of all benefit claims paid under these c o n t ra c t s d u r i n g t h e p l a n y e a r w a s $30,235,201. Basic Financial Statement e value of plan assets, after subtracting liabilities of the plan, was $171,216,677 a s of Au g u st 3 1 , 2 0 2 3 , c o m p a re d t o $162,217,932 as of September 1, 2022. During the plan year the plan experienced an increase in its net assets of $8,998,745. is increase includes unrealized appre- ciation 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 $62,378,814, including participant con- tributions of $48,805,676, realized gains of $12,739 from the sale of assets, earnings from investments of $5,445,271, and other income of $8,115,128. Plan expenses were $53,380,069. ese expenses included $1,887,107 in admin- istrative expenses, and $51,492,962 in benefits paid to participants and bene- ficiaries. 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: • An accountant's report • Financial information and informa- tion on payments to service providers • Assets held for investment • Transactions in excess of 5% of the plan assets • 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 California Teachers Associ- ation in care of Plan Administrator Vicki Rodgers at 1705 Murchison Drive, Burlin- game, CA 94010, or by telephone at (650) 697-1400. 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 accompany- ing notes, or a statement of income and expenses of the plan and accompany- ing 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. 2022–23 SUMMARY ANNUAL REPORT For CTA Economic Benefits Trust Member Welfare Benefit Plan You also have the legally protected right to examine the annual report at the main office of the plan (California Teach- ers Association, 1705 Murchison Drive, Burlingame, CA 94010) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Depart- ment of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Secu- rity Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. Paperwork Reduction Act Statement According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Man- a gem ent a n d Bu d ge t (OMB ) c ontro l number. The Department notes that a federal agency cannot conduct or spon- sor a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, not- withstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of informa- tion does not display a currently valid OMB control number. See 44 U.S.C. 3512. e public reporting burden for this col- lection of information is estimated to average less than one minute per notice (about 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of informa- tion, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Offi- cer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, D C 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040. OMB Control Numb er 1210-0040 (expires 03/31/2026) 54 cta.org Our Union