Franklin & Marshall College Group Insurance Plan

This is a summary of the annual report of the Franklin & Marshall College Group Insurance Plan, a life insurance, dental and vision plan (Employer Identification Number 23-1352635, Plan Number 501), for the plan year 01/01/2017 through 12/31/2017. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). Franklin & Marshall College has committed itself to pay certain Dental, Vision & EAP claims incurred under the terms of the plan.

Insurance Information :  The plan has an insurance contract with Prudential Insurance Company of America to pay certain Life insurance, AD&D claims incurred under the terms of the plan. The total premiums paid for the plan year ending 12/31/2017 were $265,244. 

 

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, 2017 to June 30, 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).

Summary Annual Report for Shared Services Health Plan

 

Franklin & Marshall College Retirement Plan

This is a summary of the annual report for the Franklin and Marshall College Retirement Plan, (Employer Identification No. 23-1352635, Plan No. 001) for the period January 1, 2017 to December 31, 2017. 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:
Benefits under the plan are provided by insurance and a trust fund. Plan expenses were $8,094,364, which were benefits paid to participants and beneficiaries. A total of 1,579 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 $269,539,048 as of December 31, 2017 compared to $232,262,868 as of January 1, 2017. During the plan year the plan experienced an increase in its net assets of $37,276,180. 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 $45,370,544, including employer contributions of $5,732,870, employee contributions of $2,830,319, rollover contributions of $2,793,758 and earnings from investments of $34,013,597.

The plan has a contract with TIAA which allocates funds toward individual policies.

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, a long-term disability plan (Employer Identification Number 23-1352635, Plan Number 503), for the short plan year 07/01/2016 through 12/31/2016. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). Franklin & Marshall College has committed itself to pay certain EAP claims incurred under the terms of the plan.

Insurance Information: The plan has an insurance contract with Prudential Insurance Company of America to pay certain Long-term disability claims incurred under the terms of the plan. The total premiums paid for the plan year ending 12/31/2016 were $0.

Emeriti Retiree Health Plan for Franklin & Marshall College

This is a summary of the annual report of the Emeriti Retiree Health Plan for Franklin & Marshall College (Employer Identification Number 23-1352635) for the plan year 01/01/2017 through 12/31/2017. 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 insurance contracts with Aetna Life Insurance Company to pay all medical claims incurred under the terms of the plan.  The total premiums paid for the plan year ending 12/31/2017 were $38,658.

Basic Financial Statement - The value of plan assets, after subtracting liabilities of the plan, was $875,301 as of the end of plan year, compared to $726,757 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $148,544. This change 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 $203,354 including employer contributions of $51,829, employee contributions of $13,390, gains/(losses) of $0 from the sale of assets, and earnings from investments of $138,135. Plan expenses were $54,810. These expenses included $1,398 in administrative expenses, $53,412 in benefits paid to participants and beneficiaries, and $0 in other expenses.

Your Rights to Additional Information

You have the right to receive a copy of full annual report(s), or any parts 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/Plan Sponsor, c/o Human Resources, Franklin & Marshall College, P.O. Box 3003, Lancaster, PA 17604-3003, (717) 358-3995. 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:  Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.