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, 2018. 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 KCM Investments/Charles
Schwab Investment Group.
The value of the Plan assets after subtracting liabilities of the Association was $6,812.707 as of January 1, 2018 compared to 7,591,405 as of December 31, 2018. This Deacrease 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 is market value of the Association’s assets during the year was a decrease of$778,698.00. During the year covered by this Summary Report, after subtracting liabilities, the Association experienced a net decrease in assets of ($1,531,945).
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 for Investment
–
Fiduciary information, including transactions between the Plan and the
parties of interest;
(i.e. persons who specified
relationships with the Plan)
–
Loans and other obligations which may be in default
–
Transactions in the 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 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 the report is posted each year.
During the Plan Year the Association had $846,252 in total
income, including $585,350 in member dues and fees, dividends and interest of
$260,448.00 and direct contributions of $454.00. Plan expenses were $682,400.00
in paid benefits to member’s beneficiaries, $33,262
in accounting and legal fees, $2,003.00 in administrative expenses including
floral arrangements for services ($700.00), 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 $55,107.00.
The payroll taxes for the plan year were $15,561.00 The operating expenses for
the year were $753,247.00.
The Association reported 38 member deaths in 2018; their
names and ages appear below, chronologically:
Charles Harwell (78)
Douglas Mitchell (80)
Dave Toschi (88)
Robert Red (69)
Frank Kerlin (81)
Quin Jones (77)
Steve Silvers (69)
David Utter (91)
Lester Hance (90)
Renota Martinez (54)
Garrett Griffin (79)
John Mino Sr. (90)
Louis Sylvestri (87)
Nick Marota (95)
Dennis Moody (72)
Donald Ostrem (87)
James Sullivan (90)
Charles Wettstein (87)
Joseph McCarthy (83)
Raymond Backstedt (90)
John Jordan (84)
Bob Martinez (70)
Ed Torres (79)
Will Casey (80)
Terry Gregory (72)
Robert O’Sullivan (75)
Robert Pollio (79)
Clement DeAmicis (80)
Steve Hutzler (64))
Norman Moore (97)
Mike Paulsen (71)
Jeremiah Taylor (96)
Rich Baker (77)
John Bagot (92)
Robert Quigley (81)
Larry Lawson (90)
Walter Van Dehey (91)
Linda Zmak (67)
The Officers and Trustees of the Association for 2017 were President Leroy Lindo Vice President Ray Kane, Secretary Mark J. McDonough, Treasurer Dean Taylor, and Trustees James O’Meara, Al Luenow, Rob Forneris, Lou Barberini, and Ryan Walsh.The Association Bookkeeper was Sally Foster.
The Association was able to meet all obligations this past year. Our change in our investment group realized positive gains. We show $507,591.00 in net profit for the year 2018. The death benefit is currently $17, 500.00. Our dues are currently $100.00 annually. It is very important that members have documented a correct beneficiary designation. Please call or write the Association to report a 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.