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Summary Annual Reports

Franklin & Marshall distributes the following Summary Annual Reports to College benefit plan participants and beneficiaries, including current members of the faculty and professional staff, retired employees, and former employees receiving or eligible for benefits. The reports below were prepared by certified public accountants. No response or action is required of you.

 

Summary Annual Report for the Franklin & Marshall College Group Insurance Plan and Flexible Spending Account

This is a summary of the annual report of the Franklin & Marshall College Group Insurance Plan and Flexible Spending Account, Employer Identification Number (EIN) 23-1352635, Plan number 501, for the period January 1, 2012, through December 31, 2012.  The full annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required by the Employee Retirement Security Income Act of 1974 (ERISA).

Franklin & Marshall College has committed itself to pay the following types of claims incurred under the terms of the Plan: All dental claims.

Insurance Information: The Plan has contracts with The Standard Insurance Company and Life Insurance Company of North America to pay the following types of claim incurred under the terms of the Plan: All life insurance claims.

Basic Financial Statement: The total premiums paid for the Plan Year beginning January 1, 2012, and ending December 31, 2012, were $150,139.

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 December 31, 2012, the premiums paid under such "experience-rated" contract were $89,102 and the total of all benefit claims paid under the "experience-rated" contract during the Plan Year was $78,031.


Summary Annual Report for the Shared Services Health Plan

This is a summary of the annual report for the Shared Services Health Plan, (Employer Identification No. 25-
1882792, Plan No. 501) for the period July 1, 2012 to June 30, 2013. The annual report has been filed with the
Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act
of 1974 (ERISA).


INSURANCE INFORMATION
The plan has contracts with HM Life Insurance Company to pay certain stop loss claims incurred under the
terms of the plan. The total premiums paid for the plan period ending June 30, 2013 were $1,521,988.


BASIC FINANCIAL STATEMENT
The value of plan assets, after subtracting liabilities of the plan, was $6,530,647 as of June 30, 2013 compared
to $4,918,287 as of July 1, 2012. During the plan year the plan experienced an increase in its net assets of
$1,612,360. This increase 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. The plan had total income of $20,884,872,
including employer contributions of $15,532,238, employee contributions of $3,540,164, earnings from
investments of $11,298, and other income of $1,801,172. Plan expenses were $19,272,512. These expenses
included $1,199,787 in administrative expenses, $15,290,984 in benefits paid to participants and beneficiaries,
and $2,781,741 in payments to insurance carriers for the provision of benefits.

Summary Annual Report for the Franklin & Marshall College Retirement Plan

This is a summary of the annual report for the Franklin & Marshall College Retirement Plan, EIN 23-1352635, Plan number 001, for the period January 1, 2012, through December 31, 2012. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required by the Employee Retirement Security Income Act of 1974 (ERISA).

Basic Financial Statement: Benefits under the Plan are provided by insurance and a trust fund. Plan expenses were $11,192,300. These expenses included $11,192,300 in benefits paid to participants and beneficiaries. A total of 1,345 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 Plan assets, after subtracting liabilities of the Plan, was $185,587,951 as of December 31, 2012 compared to $170,787,038 as of January 1, 2012. During the Plan Year the Plan experienced an increase in its net assets of $14,800,913. This increase 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. The Plan had total income of $25,993,213, including employer contributions of $4,764,401, employee contributions of $2,036,523, rollover contributions of $295,668 and earnings from investments of $18,896,621. The Plan has a contract with TIAA-CREF, which allocates funds toward individual policies.

Summary Annual Report for the Franklin & Marshall Group Long-Term Disability Benefit Plan

This is a summary of the annual report of the Franklin & Marshall College Group Long-Term Disability Insurance Plan (Plan #503), a life, long-term disability, accidental death and dismemberment, and employee assistance insurance plan (employer identification number 23-1352635) for the plan year ending 6/30/2013. The Form 5500 annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Insurance Information


The plan has contracts with the following insurance carriers to pay certain claims incurred under the terms of the plan. The total premiums paid for the plan year ending 6/30/2013 are shown below:

Your Rights to Additional Information

You have the right to receive a copy of the full annual report(s), or any part thereof, upon request. Some or all of the items listed below are included in that report:

1. Insurance information, including sales commissions paid by insurance carriers.

2. Financial information and information on payments to service providers.

3. An accountant’s report.

4. Assets held for investment.

5. Information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the Plan participates.

To obtain a copy of the full annual report, or any part thereof, write or call the office of the Plan Administrator, c/o Human Resources, Franklin & Marshall College, P.O. Box 3003, Lancaster, PA 17604-3003, (717) 291-3995. You have the right to receive from the Plan Administrator, on request and at no charge, a statement of the assets and liabilities of the Plans and accompanying notes, a statement of income and expenses of the Plans and accompanying notes, and/or insurance information including sales commissions paid by the insurance carriers. If you request a copy of the full annual report from the Plan Administrator, these 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: Human Resources, Franklin & Marshall College, Lancaster, PA 17604-3003, 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: U.S. Department of Labor, Employee Benefits Security Administration, Public Disclosure Room, Room N1513, 200 Constitution Ave., NW, Suite N-1513, Washington, D.C., 20210.