Suffolk Annual Report for Retirement Plans
Summary Annual Report For Suffolk University Retirement Plan
This is a summary of the annual report for the Suffolk University Retirement Plan (Employer Identification Number 04-2133255, Plan Number 001) 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).
Basic Financial Statement
Benefits under the plan are provided by insurance contracts and a trust fund. Plan expenses were $20,214,365. These expenses included $54,083 in administrative expenses and $20,159,821 in benefits paid to participants and beneficiaries, $461 in certain deemed and/or corrective distributions, and $0 in other expenses. A total of 2132 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 $373,964,288 as of the end of the plan year, compared to $329,186,579 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $44,777,709. This change 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 $64,992,074, including employer contributions of $5,982,457, employee contributions of $5,918,234, other contributions/other income of $5,392,272, and earnings from investments of $47,699,111.
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 information on payments to service providers
- Assets held for investment.
- Insurance information, including sales commissions paid by insurance carriers.
- 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 plan administrator, at 8 Ashburton Place, Boston, MA 02108-2701 and phone number, 617-573-8415.
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: 8 Ashburton Place, Boston, MA 02108-2701, 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, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.