This is a summary of the annual report Form 5500 Annual Return/Report of Employee Benefit Plan of Kalamazoo College Defined Contribution Retirement Plan and Employer Identification Number 38-1358014/Plan Number 001 for the plan year 01/01/2023 through 12/31/2023. The Form 5500 annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). Your plan is a single employer, defined contribution plan with the following characteristics: ERISA section 404(c), total participant-directed account, 403(b), 403(b), total or partial participant-directed account, pre-approved pension.
Basic Financial Statement
Benefits under the plan are provided by insurance contracts and a trust fund. Plan expenses were $7,261,440. These expenses included $78,067 in administrative expenses and $7,175,134 in benefits paid to participants and beneficiaries and to insurance carriers for the provision of benefits, and $8,239 in certain deemed and/or corrective distributions, and $0 in other expenses. A total of 926 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 $125,761,655 as of the end of the plan year, compared to $114,511,444 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $11,250,211. 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 $18,511,651, including employer contributions of $1,960,106, employee contributions of $1,852,793, other contributions/other income of $269,941, and earnings from investments of $14,428,811.
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 plan administrator, at 1200 Academy Street, Kalamazoo, MI 49006 and phone number, 269-337-7248.
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.
You also have the legally protected right to examine the annual report at the main office of the plan: 1200 Academy Street, Kalamazoo, MI 49006, 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, D.C. 20210. The annual report is also available online at the Department of Labor website www.efast.dol.gov.