Summary Annual Reports

                         SUMMARY ANNUAL REPORT
                  FOR CERTAIN BENEFIT PLANS OF
         THE UNIVERSITY OF NOTRE DAME DU LAC

This is a summary of the annual reports of certain employee welfare and retirement benefit plans maintained for employees of the University of Notre Dame du Lac for the plan year beginning January 1, 2007 and ending December 31, 2007.  The plans described in this summary include: the University of Notre Dame Flex Plan (Plan No. 504), the University of Notre Dame du Lac Group Life Insurance Plan (Plan No. 502), the University of Notre Dame du Lac Travel Accident Insurance Plan (Plan No. 505), the University of Notre Dame du Lac Group Total Disability Benefits Plan (Plan No. 503), the University of Notre Dame du Lac Long Term Care Plan (Plan No. 511), the University of Notre Dame Defined Contribution Retirement Plan for Faculty and Administrators (Plan No. 002) and The University of Notre Dame Tax-Deferred Annuity Plan (Plan No. 004).  The employer ID number for the sponsor of all of the above plans, the University of Notre Dame du Lac is 35-0868188.  The annual reports have 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).


For administrative convenience, this summary covers a number of employee benefit plans maintained by the University of Notre Dame du Lac, including plans that may not apply to you.  The fact that you are being provided this summary does not necessarily mean that you are eligible for benefits under all the plans mentioned in this summary.

                                  Insurance Information

The Flex Plan has a contract with:

  • Anthem Insurance Companies, Inc. to pay all retiree medical insurance claims incurred under the terms of the plan. The total premiums paid for retiree medical for the plan year ending December 31, 2007 were $1,350,870.

  • Community Insurance Company, dba Anthem Blue Cross and Blue Shield to pay all retiree Medicare prescription claims incurred under the terms of the plan.  The total premiums paid for retiree prescriptions for the plan year ending December 31, 2007 were $1,334,146.

  • Meritain Health to manage the self-funded HMO and PPO plans. A self-funded prescription benefit plan which is managed by Medco Health Solutions, Inc. is also included. The University of Notre Dame du Lac has committed itself to pay all claims incurred under the terms of these plans.

  • Great Lakes Delta Insurance Company (“Great Lakes”) to pay dental claims incurred under the terms of the plan. The total premiums paid to Great Lakes for the plan year ending December 31, 2007 were $1,972,695.

  • EyeMed Vision Care: The EyeCare Plan of America (“EyeMed”) to pay all vision claims incurred under the terms of the plan. The total premiums paid to EyeMed for the plan year ending December 31, 2007 were $488,607.

Not all of these contracts will apply to every employee covered under the Flex Plan.

The Group Life Insurance Plan has a contract with:

  • Minnesota Life Insurance Company to pay all claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2007 were $1,604,043.

The Travel Accident Insurance Plan has a contract with:

  • National Union to pay claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2007 were $9,225.

The Group Total Disability Benefit Plan has a contract with:

  • The Life Insurance Company of North America (CIGNA) to pay all claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2007 were $424,843.

The Long Term Care Plan has a contract with:

  • Aetna Life Insurance Company to pay claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2007 were $250,482.

        Basic Financial Statements for Retirement Plans

Benefits under the University of Notre Dame Defined Contribution Retirement Plan for Faculty and Administrators are provided by individually insured contracts issued to each participant by Teachers Insurance Annuity Association and the College Insurance Retirement Equities Fund, Fidelity Investments Tax-Exempt Services Company and The Vanguard Group. The plan had employee contributions of $9,816,890 and employer contributions of $18,180,196 for this plan year ending December 31, 2007. A total of 2,349 persons were participants in or beneficiaries of the plan at the end of this year, although not all of these persons had yet earned the right to receive benefits.


Benefits under the University of Notre Dame Tax-Deferred Annuity Plan are provided by individually owned, fully vested group contracts with individual certificates issued by Teachers Insurance and Annuity Association and the College Retirement Equities Fund; Fidelity Investments Tax-Exempt Services Company and The Vanguard Group. The plan had employee contributions of $9,669,897 for this plan year ending December 31, 2007. A total of 1,340 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.

 

                 Your Rights to Additional Information

You have the right to receive a copy of the full annual reports or any part thereof, on request. The item listed below is included in that report:

1.         insurance information including sales commissions paid by insurance carriers.

To obtain a copy of the full annual reports, or any part thereof, write or call the office of the plan administrator: Associate Vice President for Human Resources, University of Notre Dame du Lac, Notre Dame, Indiana 46556; (574) 631-5900. The charge to cover copying costs will be $.05 per page for any part thereof.


You also have the legally protected right to examine the annual reports at the main office of the plan which is the Office of Human Resources, 100 Grace Hall, University of Notre Dame du Lac, Notre Dame, Indiana 46556; 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 U.S. Department of Labor should be addressed to: Public Disclosure Room, N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

SUMMARY ANNUAL REPORT
UNIVERSITY OF NOTRE DAME EMPLOYEES' PENSION PLAN

This is a summary of the annual report for the University of Notre Dame Employees’ Pension Plan, employer number 35-0868188, for the plan year July 1, 2006 through June 30, 2007.  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.  Plan expenses were $4,280,233.  These expenses included $373,081 in administrative expenses and $3,907,152 in benefits paid to participants and beneficiaries.  A total of 3,772 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 $95,299,244 as of June 30, 2007, compared to $84,205,214 as of July 1, 2006.  During the plan year the plan experienced an increase in its net assets of $11,094,030.  This increase 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 $15,374,263 including employer contributions of $3,399,053; gains of $3,022,705 from the sale of assets, and earnings from investments of $8,952,505.

Minimum Funding Standards

An actuary’s statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.

Your Rights to Additional Information

You have a 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:
(1)           an accountant’s report;
(2)           financial information and information on payments to service providers;
(3)           assets held for investment;
(4)           transactions in excess of 5 percent of plan assets;
(5)           information regarding any common or collective trusts, pooled separate
               accounts,master trusts or 103-12 investment entities in which a plan
               participates, and
(6)           actuarial information regarding the funding of the plan.

To obtain a copy of the full annual report, or any part thereof, write or call the office of the plan administrator: Associate Vice President for Human Resources, University of Notre Dame, Office of Human Resources, 100 Grace Hall, Notre Dame, IN 46556; (574) 631-5900.  The charge to cover copying costs will be $.05 per page.

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, a statement of income and expenses of the plan and accompanying notes.  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 administrator, which is the University of Notre Dame, Office of Human Resources, 100 Grace Hall, Notre Dame, IN 46556; 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 of Labor should be addressed to: Public Disclosure Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Ave., N.W., Washington, D.C. 20210.

Additional Explanation

The audited Financial Statements provide additional detail of the gains and earnings to support the information provided above in the “Basic Financial Statement” section, specifically, realized gains of $5,351,569 from the sale of assets, unrealized appreciation of the assets for the period was $5,226,429 and earnings from investments totaled $1,397,212.