This is the summary annual report for the Kalamazoo College Defined Contribution Retirement Plan, EIN 38-1358014, Plan number 001 for the period January 1, 2021 to December 31, 2021. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Benefits under the plan are provided by the following arrangements:
Through insurance and/or annuity contracts
By a trust
Plan expenses were $9,363,095. These expenses included $76,567 in administrative expenses, $9,286,528 in benefit payments, and $0 in other expenses. A total of 932 persons are participants in or beneficiaries of the plan at the end of the plan year, although some may not have earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $132,048,518 as of the end of the plan year, compared to $123,998,798 as of the beginning of the plan year. During the year the plan experienced an change in its net assets of $8,049,720. This change 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 $17,412,815, including employer contributions of $533,415, employee contributions of $1,787,350, other contributions/other income of $1,074,758. and earning from investments of $14,017,292..
The plan has a contract with TIAA-CREF, which allocates funds toward group deferred annuities. Total premiums of $0 were paid for the plan year ended December 31, 2020.
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 and information on payments to service providers
- Assets held for investment
- Insurance information including sales commissions paid by insurance carriers
– Information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates
To obtain a copy of the full annual report, or any part thereof, write or call the office of Kalamazoo College, who is the plan administrator, 1200 Academy Street, Kalamazoo, MI, 49006, 269.337.7248. These portions of the report are furnished without charge.
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 or 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:
Kalamazoo College Plan Sponsor
1200 Academy Street
Kalamazoo, MI 49006
38-1358014
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 N-1513
Employee Benefits Security Administration
U.S. Department of Labor
200 Constitution Avenue, N.W.
Washington, DC 20210
Copies may also be requested at HR.Benefits@Kzoo.edu.
Paperwork Reduction Act Statement
According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a currently valid OMB control number, and the public is not required to respond to a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512.
The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the OMB Control Number 1210-0040.
OMB Control Number 1210-0040 (expires 07/31/2023)