This is a summary of the annual report Form 5500 Annual Return/Report of Employee Benefit Plan for Gettysburg College Tax Deferred Annuity Plan, EIN 23-1352641, Plan No. 003, for period January 1, 2023 through December 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.
Basic Financial Statement
Benefits under the plan are provided by insurance and a trust fund. Plan expenses were $6,872,625. These expenses included $76,780 in administrative expenses, $6,792,943 in benefits paid to participants and beneficiaries, and $2,902 in other expenses. A total of 1,200 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 $90,536,693 as of December 31, 2023, compared to $81,380,270 as of January 1, 2023. During the plan year the plan experienced an increase in its net assets of $9,156,423. This increase 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 $16,029,048, including employee contributions of $3,604,434, other contributions of $749,406, earnings from investments of $11,637,270 and other income of $37,938.
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
- 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 Gettysburg College in care of Jennifer R. Lucas who is Plan Administrator at 300 N Washington St, P.O. Box 2443, Gettysburg, PA 17325, or by telephone at (717) 337-6211. The charge to cover copying costs will be $0.25 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 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 (Gettysburg College, 300 N Washington St, P.O. Box 2443, Gettysburg, PA 17325) 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.
OMB Control Number 1210-0040 (expires 03/31/2026)