2023-11-13T19:09:16-06:00 2022-12-31 ERNST & YOUNG US LLP 1101 NEW YORK AVE NW WASHINGTON DC 20005 990 2022-01-01 116607172 SCPMG VEBA Trust for Collectively Bargained Retirees % SCPMG ACCOUNTING & TAX DEPT SCPM 6264053288 393 East Walnut Street - 6th Floor Pasadena CA 91188 Nolan Chang Med Dir, Bus Mgmt 6264053288 2023-11-13 true Nolan Chang 999009999 STEPHEN M CLARKE P01784847 2023276000 2023-11-13 3 2022 2023-04-26 12:10:37Z STATE STREET CORPORATION ONE LINCOLN STREET BOSTON MA 02111 1126975 false X N/A X 2005 CA The plan provides post retirement benefits to employees of the Southern California Permanente Medical Group pursuant to collective bargaining agreements. 1 1 0 0 0 0 0 0 0 0 3183593 59890 0 0 3183593 59890 0 0 0 0 91022 46805 0 0 0 1112033 942774 1203055 989579 1980538 -929689 402696441 333312557 0 0 402696441 333312557 THE SCPMG VEBA TRUST FOR COLLECTIVELY BARGAINED RETIREES IS A TRUST SOLELY FOR THE INVESTMENT OF FUNDS TO SATISFY THE SCPMG OBLIGATION TO PROVIDE POST RETIREMENT BENEFITS TO EMPLOYEES OF SOUTHERN CALIFORNIA PERMANENTE MEDICAL GROUP PURSUANT TO COLLECTIVE BARGAINING AGREEMENTS. false false THE PLAN PROVIDES POST RETIREMENT BENEFITS TO EMPLOYEES OF THE SOUTHERN CALIFORNIA PERMANENTE MEDICAL GROUP PURSUANT TO COLLECTIVE BARGAINING AGREEMENTS. false false false false false false false false false false true false false false true true true false false false false false false false false false false false false false false false false false false false false false false false false false true false false true X 1 0 true 0 false false false false false false false false X 1 1 false false false false false false true false false false false false true true true true true false false false CA X SCPMG ACCOUNTING TAX DEPT 6264053288 393 EAST WALNUT STREET PASADENA CA 91188 X STATE STREET CORPORATION TRUSTEE 1.0 0.0 X 46805 0 0 46805 0 0 false false false INVESCO LTD 1555 PEACHTREE STREET NE SUITE 1 ATLANTA GA 30309 INVESTMENT MGMT 918956 1 0 0 20210 20210 0 0 0 0 0 1106765 1067085 39680 39680 39680 0 0 0 0 0 0 0 0 0 0 59890 0 59890 0 0 0 0 46805 0 0 0 0 0 0 0 14500 0 0 918956 0 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS EXPENSES 9318 989579 0 0 5469204 5496384 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 397227237 327816173 0 0 0 0 0 0 402696441 333312557 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 354772608 402417685 0 0 47923833 -69105128 402696441 333312557 402696441 333312557 -929689 -68454195 X false true X true false INVESCO INST. TRST BLANCED FND 326114049 F VEBA BLACKROCK TRAN AC 4839 F MARATHON ASSET MGMT LTD 1697285 F 327816173 0 0 X -21036733 -68454195 47357572 -21096623 59890 59890 48320109 48249485 48249485 70624 918955 918955 989579 Form 990 Schedule D, Part XI, Line 2(d) Other EMPLOYER CONTRIBUTIONS $48,429,485 LESS INVESTMENT MANAGEMENT FEES $918,955 = $47,357,572 FORM 990 Schedule D PART XII Line 2(D) Other PREMIUMS PAID $48,249,485 FORM 990 Schedule D PART XII Line 4(B) Other INVESTMENT MANAGEMENT FEES = $918,955 Form 990 Schedule D, Part X, Line 2 GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if it has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken, and has concluded that as of December 31, 2022 and 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Form 990 Part I Summary 2021 2022 Net Assets at Beginning of Year 354,772,608 402,696,441 Current Year Revenue Less Expenses 1,980,538 (929,689) CY Appreciation of Assets 45,943,295 (68,454,195) [Unrealized Gain/(Loss)] Net Assets at End of Year 402,696,441 333,312,557 (per books at FMV) Form 990 Part V, Line 1A State Street, as the institutional trustee for the VEBA, issues 1099s for fees paid out of the VEBA Trust (the VEBA Trust is a Trust designed solely for the investment of funds to satisfy the obligation to provide post retirement benefits to employees of SCPMG pursuant to collectively bargained agreements). Form 990 Part VI, Section A, Line 7B The daily operational governance has been delegated to a bank Trustee (State Street Bank and Trust Co.). Performance and policy oversight for the Trust is generally managed by two Executives of the Southern California Permanente Medical Group (the Medical Director of Business Management and the Chief Financial Officer), however, significant decisions pertaining to the VEBA Trust must be made through a vote by the SCPMG Board of Directors [comprised of 46 Partners (45 voting and 1 non-voting)]. Form 990 Part VI, Section B, Line 11B The IRS Form 990 is prepared after an independent audit of the VEBA Trust financial statements is performed. This audited information is used to complete the IRS Form 990. Once completed, an independent tax review is performed by the external tax accountants for the Southern California Permanente Medical Group. A review of the completed IRS Form 990 is the responsibility of the Chief Financial Officer, and then final review and sign off is performed by the Partnership Representative of the Southern California Permanente Medical Group on behalf of the SCPMG Board of Directors. The partnership Representative will report any tax reporting concerns to the Board of Directors, if applicable. The IRS Form 990 is available to Board members upon request. Form 990 Part VI, Section B, Line 12C The Southern California Permanente Medical Group has written policies pertaining to conflict of interest, whistle-blowers, and document retention and destruction. SCPMG staff follow existing policies related to all work performed on behalf of SCPMG and its related organizations, including the VEBA Trust. Staff and Managers of SCPMG participate in mandatory annual compliance training and provide an attestation that they will comply with the organizational policies and procedures to report any conflicts of interest, etc. that come to their attention. Separate annual audits are performed by external auditors for SCPMG and the VEBA Trust in accordance with U.S. generally accepted auditing standards and include independent reviews of financial statements. Form 990 Part VI, Section C, Line 19 The governing documents, conflict of interest policy, and financial statements for the VEBA Trust may be released subject to a written request and upon approval of the Chief Financial Officer. Form 990 Part XII, Line 2C The Southern California Permanente Medical Group is a related organization to the VEBA Trust (the VEBA Trust is designed solely for the investment of funds to satisfy the obligation to provide post retirement benefits to employees of SCPMG pursuant to collective bargaining agreements). SCPMG has an Audit Committee that will address any concern related to the VEBA Trust. The selection of the independent accountant and review of the audited financial statements for the VEBA Trust is delegated to the Partnership Representative and Chief Financial Officer. If any audit issues are not appropriately addressed, the independent accountant will disclose issues directly to the Audit Committee. Southern Calif Permanente Medical Grp 393 E Walnut St Pasadena CA 91188 951750445 Medical Services CA NA N/A 0 0 0 false 0.00000 false false false false false false false false false false false false false false true false false false false