Annuity Fund | Teamsters Local 408

SUMMARY ANNUAL REPORT

For Teamsters Local 408 Annuity Fund

This is a summary of the annual report for Teamsters Local 408 Annuity Fund, EIN 22-3002089, Plan No. 001, for period January 1, 2020 through December 31, 2020. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided by a trust fund. Plan expenses were $4,149,357. These expenses included $289,626 in administrative expenses, and $3,859,731 in benefits paid to participants and beneficiaries. A total of 3 88 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 $22,249,959 as of December 31, 2020, compared to $23,584,126 as of January 1, 2020. During the plan year the plan experienced an decrease in its net assets of $1,334,167. This decrease 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. The plan had total income of $2,815,190, including employers’ contributions of $1,876,922, realized gains of $285,401 from the sale of assets, gains from investments of $645,130 and other income of $7,737.

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
assets held for investment
transactions in excess of 5% of the plan assets

To obtain a copy of the full annual report, or any part thereof, write or call the office of Trustees of Teamsters Local 408 Annuity Fund at 1907 Morris Avenue, Union, NJ 07083-3506, or by telephone at (908) 964-9177. The charge to cover copying costs will be $2.00 for the full annual report, or $0.25 per page for any part thereof.

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 (Trustees of Teamsters Local 408 Annuity Fund, 1907 Morris Avenue, Union, NJ 07083-3 506) 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 Nl 513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C.