Trustees Of The Univ Of Penna Retiree Med & Death Benefits Tr

Programs: The trustees of the university of pennsylvania retiree medical benefits trust (the "retiree medical benefits trust") is an organization formed to foster and support the activities of the university of pennsylvania (the "university"). The university is one of the leading research and educational institutions in the united states and in the world. It is also a nonprofit, tax-exempt organization, and qualifies as an educational organization described in section 509(a)(1) of the internal revenue code. The retiree medical benefits trust functions as an integral part of the university and serves the university by receiving funds from the university, accumulating these funds, and investing them for the benefit of the university. The university provides medical and death benefits to its eligible retired employees, and their eligible dependents, principally through group health and life insurance benefit plans. The benefits under the plans are available to all retired employees of the university who meet the time-in-service eligibility criteria established by the university. The retiree medical benefits trust was established in order to ensure that there are sufficient assets available for the payment of medical and death benefits to all eligible retired employees of the university and their dependents and beneficiaries. Accordingly, the retiree medical benefits trust is operated as an integral part of the university of pennsylvania, and its purposes are to: (1) serve as a repository of the funds transferred to it by the university of pennsylvania; (2) invest these funds in order to produce income and capital appreciation so that the income and the principal can be used to fund the retiree medical and death benefit obligations of the university; (3) disburse, on behalf of the university, the medical reimbursement claims made to the university by its retired former employees, and which have been approved by the university; and (4) pay premiums on insurance policies, if any, that the university elects to procure to provide retiree medical and death benefits.