PORAC LDF SUMMARY ANNUAL REPORT 2020
This is a summary of the annual report for the Legal Defense Fund of the Peace Officers Research Association of California, (Employer ID No. 23-7077256, Plan No. 501) for the year ended December 31, 2020. The annual report has been filed with EBSA as required under the Employee Retirement Income Security Act of 1974 (ERISA).
The Legal Defense Fund of the Peace Officers Research Association of California has committed itself to pay certain legal representation costs incurred by participants under the terms of the Fund.
BASIC FINANCIAL STATEMENTS
The net assets available for benefits of the Fund at the end of the year totaled $48,318,543 compared to $39,260,313 at the beginning of the year. During the year, the Trust experienced an increase in net assets available for benefits of $9,058,230. This change includes participants’ contributions and unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of plan assets at the end of the year and the value of assets at the beginning of the year or the cost of assets acquired during the year.
The Fund had benefit obligations of $15,067,601 at the end of the year, and $14,938,427 the beginning of the year. The benefit obligation at the end of the year is composed of $1,440,601 for claims currently payable, and $13,627,000 as the estimated cost for future services to be rendered to participants resulting from events that occurred prior to year-end, and are expected to be funded by future participant contributions and investment income.
The Fund’s income totaled $25,953,252 for the plan year of which contributions from participants were $22,994,488 and investment income was $2,958,764. The Fund’s expenses were $3,227,517 for administrative expenses, $11,078 for investment fees, $13,656,427 for benefits paid on behalf of participants, and $129,174 increase in estimated costs for future legal services.
RIGHTS TO ADDITIONAL INFORMATION
You have a right to receive a copy of the full annual report, or any part thereof, upon request. The items listed below are included in that report.
- An independent auditors’ report
- Financial information and information on payments to service providers
- Assets held for investment
- Transactions in excess of five percent of trust assets
To obtain a copy of the full annual report, or any part thereof, write or call the Board of Trustees of Legal Defense Fund of the Peace Officers Research Association of California at the office of the Fund administrator, Legal Defense Administrators Inc., P O Box 4859, Santa Rosa, CA 95402. The telephone number is (888) 556-5631. The charge to cover copying costs will be $2.75 for the full annual report, or 25 cents per page for any part thereof.
You also have the right to receive from the Fund administrator, on request and at no charge, a statement of net assets available for benefits of the plan and accompanying notes, or a statement of changes in net assets available for benefits of the plan and accompanying notes, or both. If you request a copy of the full annual report from the Fund 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 Legal Defense Fund annual report at the office of the CVPOA, 49 Third Avenue, Chula Vista, California 91910, 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: U.S. Department of Labor, Employee Benefits Security Administration, Public Disclosure Room, 200 Constitution Avenue, NW, Suite N-1513, Washington, D.C. 20210.