This is a summary for the Annual Report for the death benefit program (the “Plan”) for the Widows’ and Orphans’ Aid Association of the Police Department of San Francisco (the “Association”), EIN: 94-0981411, for its Plan Year (the “Plan Year”) ending December 31, 2016. The Annual Report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (“ERISA”).
The Association has committed itself to pay all claims under the terms of the Plan. The Plan maintains an investment portfolio managed by Abbot-Downing, a division of Wells Fargo Bank.
The value of the Plan assets after subtracting liabilities of the Association was $7,017,345.27 as of December 31, 2016 compared to $7,083,814 as of January 1, 2016. This (decrease) includes unrealized appreciation and depreciation in the value of the Association’s assets, that is, the difference between the value of the Association’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 change in the market value of the Association’s assets during the year was ($66,468.73). During the year covered by this Summary Report, after subtracting liabilities, the Association experienced a net decrease in assets of ($66,468.73).
Your Rights to Additional Information
You have the right to receive a full copy of the Summary Annual Report, or any part thereof, upon request. The report includes the following components:
- An Accountant’s Report
- Assets held for Investment
- Fiduciary information, including transactions between the Plan and parties of interest;
(i.e., persons who specified relationships with the Plan)
- Loans and other obligations which may be in default
- Leases which may be in default
- Transactions in excess of 3% of Plan assets
To obtain a full copy of the Annual Report, or any part thereof, call or write the Widows’ and Orphans’ Aid Association, P.O. Box 4247, San Rafael, CA 94913-4247. The telephone number is 415 681-3660. The charge to copy the full report is $5.00, or $.25 per page.
You also have the right to receive from the Plan Administrator, upon request and at no cost, a statement of the assets and liabilities of the Plan and accompanying notes, or a statement of the 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 are included as part of that report.
You also have the legally-protected right to examine the Summary Annual Report at our main business office location of the Plan, 850 Bryant Street, Room #150, San Francisco, CA 94103-4603 and at any location where the report is maintained for inspection. You may also examine the Annual Report at the at the U.S. Department of Labor in Washington D.C., or obtain a copy from the U.S. Department of Labor, upon payment of copying fees, by writing to the Public Disclosure Room N1513, Employee Benefits Security Administration (EBSA), U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington D.C. 20210-0001. The most expedient method for examining and printing this report is to query our website at sfwidowsandorphans.org, where a copy of this report is posted each year.
During the Plan Year, the Association had $594,607 in total income, including $293,535 in member dues and fees, dividends and interest of $287,742 and direct contributions of $13,330. Plan expenses were $544,000 in paid benefits to member’s beneficiaries, $24,603 in accounting and legal fee, $8,232 in administrative expenses, including floral arrangements for services ($1,185), insurance costs, office supplies, copying, postage and mailing costs, utilities, Trustee stipends and other incidental operating expenses. The net payroll for the plan year was $46,631. The payroll taxes for the plan year were $12,676. The operating expenses for the year were $679,888.73.
The Association reported thirty-three member deaths in 2016; their names and ages appear below, chronologically:
Franco Fleming (55)
Mateo Genna (90)
Joseph Cotla (89)
Arvo Kannisto (97)
Raymond Macaulay (84)
Angela Martin (62)
Donald Matisek (80)
John McKenna (86)
Greg Dare (49)
Roy Giorgi (88)
Albert Ruppel (86)
Sol Weiner (87)
Jim Bachelor (73)
Glenn Swanson (87)
Jack Wright (95)
Loyce Tucker (71)
Ronald Vernali (79)
Steward Spencer (92)
William “Bill” White (75)
Manuel Williams (91)
Richard Aceret (65)
Stanley Damas (83)
Billye Morrow (77)
Robert Vienot (90)
Irwin Tuttleman (86)
Gus Coreris (91)
Paul Kotta (82)
Richard “Rick” Martin (56)
Thomas McGrath (79),
Kevin O’Connor (73)
Howard “Bobbie” Jackson (83)
Michael Pedrini (72)
Robert Salaiz (76)
The Officers and Trustees of the Association for 2016 were President Sally Foster, Vice President John Centurioni, Secretary Mark J. McDonough, Treasurer Dean Taylor, and Trustees Leroy Lindo, Ray Kane, James O’Meara, Al Luenow, and John Keane.
The Association was able to meet all obligations this past year, however, due to a dip in the stock market we were not able to realize a net profit. The member death benefit remained at $17,000 for the year. It is very important that our beneficiary designation is current. Please call or write the Association to report of change of address or new beneficiary designation. If you currently receive a bill for your annual membership dues, you may contact the San Francisco Police Credit Union or your bank of choice to arrange for automatic payment of your yearly dues. The Association can also be reached by email at markmac825@comcast.net.
Mark J. McDonough
WOAA Secretary
February 18, 2017