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Summary Annual Report for

NOITU INSURANCE TRUST FUND


This is a summary of the annual report for NOITU Insurance Trust Fund, EIN 11-1896570, Plan Number 501, for the period January 1, 2016 to December 31, 2016. The annual report has been filed with the Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA). 

The Board of Trustees, NOITU Insurance Trust Fund has committed itself to pay the following types of claims incurred under the terms of the plan:

- All Presc. drugs, Hospital, Dental, Death and Optical claims

 Insurance Information

 

The plan has (a) contract(s) with Dentacare Delivery Systems, Dentacare Delivery Systems, Dentacare Delivery Systems, and Dentacare Delivery Systems to pay the following types of claims incurred under the terms of the plan:

          - Certain Dental service organization and primary medical care claims

 

The total premiums paid for the plan year ending December 31, 2016 were $438,668. 

Basic Financial Statement 

The value of plan assets, after subtracting liabilities of the plan, was $81,159,404 as of December 31, 2016, compared to $76,743,072 as of January 1, 2016. During the plan year the plan experienced a change in its net assets of $4,416,332. 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 $45,454,542 which included employer contributions of $39,770,960, employee contributions of $339,981, gain/loss of $111,339 from the sale of assets, and earnings from investments of $5,232,262. 

Total plan expenses were $41,038,210. These expenses included $6,584,625 in administrative expenses and $34,453,585 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 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 office of: 

Board of Trustees, NOITU Insurance Trust Fund
148-06 Hillside Avenue
Jamaica, NY 11435-3331
718-291-3434 

The report is furnished without charge. 

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. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. 

You also have the legally protected right to examine the annual report at the main office of the plan: 

Board of Trustees, NOITU Insurance Trust Fund
148-06 Hillside Avenue
Jamaica, NY 11435-3331
and at the U.S. Department of Labor in Washington, DC, 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, DC 20210



148-06 Hillside Avenue, Jamaica, NY 11435

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