2021-11-11T09:13:14-06:00 2020-12-31 WITHUMSMITHBROWNPC 4600 EAST WEST HWY 900 BETHESDA MD 208143423 990 2020-01-01 620476257 UNITED STATES LETTER CARRIERS MUTUAL BENEFIT ASSOCIATION % LARRY WINFIELD UNIT 2026384318 100 INDIANA AVENUE NW 510 WASHINGTON DC 200012144 JAMES W YATES DIRECTOR OF LIFE INS 2026384318 2021-11-08 true JAMES W YATES 999009999 Richard Ruvelson P00234075 3012726000 2021-11-08 2 2020 2022-09-23 18:48:47Z JAMES W YATES 100 INDIANA AVE NW STE 510 WASHINGTON DC 20001 53403844 false X WWW.NALC.ORG/DEPART/MBA X 1891 TN THE ASSOCIATION IS A FRATERNAL ORGANIZATION THAT PROVIDES LIFE, ANNUITY, AND DISABILITY INSURANCE FOR ITS MEMBERS. 3 0 18 0 0 0 0 13276467 14573054 11609641 13242255 0 0 24886108 27815309 0 0 19846043 25030936 1918582 1945133 0 0 0 1974800 2148884 23739425 29124953 1146683 -1309644 260157380 264506268 215905083 220850158 44252297 43656110 X SEE SCHEDULE O false false PROVIDED LIFE, ANNUITY, AND DISABILITY INSURANCE PRODUCTS TO MEMBERS OF THE MUTUAL BENEFIT ASSOCIATION AND THEIR DEPENDENTS. false false false false false false false false false true false false false true false true false false false false false false false false false false false false true false false false false false false false false false false false true false false true 9931 0 true 18 true false false false false false false false false X 3 0 true false false false true true true true false false false false true true true false true false false false X LARRY WINFIELD 2026384318 100 INDIANA AVENUE NW SUITE 510 WASHINGTON DC 20001 X FREDRIC V ROLANDO PRESIDENT - NALC 1.0 39.0 X 0 245618 48728 JIM YATES DIRECTOR OF LIFE INSURANCE 40.0 0.0 X 193536 0 56901 MARY FLESHMAN ADMINISTRATOR 40.0 0.0 X 100335 0 96855 DANIEL GORELIK SENIOR STAFF 40.0 0.0 X 116167 0 48640 LAWRENCE WINFIELD SENIOR STAFF 40.0 0.0 X 103245 0 22299 MACK I JULION TRUSTEE 1.0 39.0 X 0 36455 48879 LAWRENCE D BROWN JR CHAIRMAN/TRUSTEE 1.0 39.0 X X 0 41036 4638 MICHAEL GILL TRUSTEE 1.0 39.0 X 0 41098 -5991 513283 364207 320949 4 false true false REGIONS MORGAN KEEGAN ONE NASHVILLE PLACE NASHVILLE TN 37219 INVESTMENT MGT FEES 254606 GRIFFITH BALLARD 100 FIRST AVE NE CEDAR RAPIDS IA 52401 ACTUARIAL SERVICES 198655 MOSAIC 4801 VIEWPOINT PLACE CHEVERLY MD 20781 PRINTING 185933 BASS BERRY SIMS PINNACLE AT SYMPHONY PLACE NASHVILLE TN 37207 LEGAL SERVICES 129576 SAPIENS PO BOX 17182 PALATINE IL 60055 SOFTWARE 116464 5 0 PREMIUMS 524298 11591977 11591977 SUPPLEMENTARY CONTRACTS 524298 2776562 2776562 INTEREST INCOME ON POLICY LOANS 900099 204515 204515 14573054 9747320 9747320 0 0 0 0 0 29083470 25588535 3494935 3494935 3494935 0 0 0 0 0 0 0 0 0 0 27815309 14573054 13242255 0 0 0 25030936 259541 0 1083879 249590 245861 106262 0 136240 129206 0 0 313873 380479 0 610120 0 0 358691 0 0 0 0 0 109001 60410 BANK SERVICE CHARGES 26348 TAXES, LICENSES, FEES 11866 EXPENSE ALLOWANCES - BRANCH 9292 SUNDRY EXPENSES 3358 29124953 175883 143355 1164265 1560451 0 0 0 0 0 0 0 0 2692031 2612157 0 0 0 0 549847 437591 110162 112256 251286439 257596481 0 0 0 0 0 0 4728600 2481568 260157380 264506268 216501 195608 0 0 176139 167559 0 0 0 0 0 0 0 0 0 0 215512443 220486991 215905083 220850158 X 0 0 0 0 44252297 43656110 44252297 43656110 260157380 264506268 X -1309644 713457 X X false true X true false 549847 437591 112256 112256 0 PRESENT VALUE FUTURE BENEFITS 211601123 ACCUMULATED POST-RETIREMENT 4000582 DIVIDENDS ON DEPOSIT 2923102 UNPAID BENEFITS 543481 DIVIDENDS PAYABLE 704421 PROVISION FOR GROUP EXPERIENCE 439091 COMPENSATED ABSENCES 275191 220486991 26940358 -534730 -534730 27475088 313873 26348 340221 27815309 28784732 28784732 313873 26348 340221 29124953 PART XI, LINE 2D - REVENUE INCLUDED ON FINANCIALS, BUT NOT ON FORM 990: $(534,730) CHANGE TO THE INTEREST MAINTENANCE RESERVE PART XI, LINE 4B - REVENUES INCLUDED ON FORM 990, BUT NOT FINANCIALS: $ 26,348 BANK CHARGES NETTED AGAINST INVESTMENT INCOME ON F/S PART XII, LINE 4B - EXPENSES INCLUDED ON FORM 990, BUT NOT FINANCIALS: $ 26,348 BANK CHARGES NETTED AGAINST INVESTMENT INCOME ON F/S X true true false false false FREDRIC V ROLANDO PRESIDENT - NALC 0 221274 24344 0 47428 0 1300 0 294346 0 0 DANIEL GORELIK SENIOR STAFF 114166 1000 1001 26125 0 22515 0 164807 0 0 0 JIM YATES DIRECTOR OF LIFE INSURANCE 181646 11890 31369 0 25532 0 250437 0 0 0 MARY FLESHMAN ADMINISTRATOR 99072 1000 263 72546 0 24309 0 197190 0 0 0 PART I, LINE 1A - TAX GROSS UP PAYMENT: THE TAX GROSS UP PAYMENT CONSISTS OF PAYROLL TAXES ON TAXABLE BENEFITS INCLUDED IN JIM YATES' COMPENSATION. PART II, COLUMN C - DEFERRED COMPENSATION: REPRESENTS THE ANNUAL INCREASE IN ACTUARIAL VALUE OF A QUALIFIED DEFINED BENEFIT PLAN, AS CALCULATED BY THE PLAN ACTUARY. PART III, LINE 1 - ORGANIZATION'S MISSION: THE UNITED STATES LETTER CARRIERS MUTUAL BENEFIT ASSOCIATION IS THE LIFE INSURANCE DEPARTMENT OF THE NATIONAL ASSOCIATION OF LETTER CARRIERS, AN I.R.C. SEC. 501(C)(5) LABOR ORGANIZATION. THE MUTUAL BENEFIT ASSOCIATION IS A FRATERNAL ORGANIZATION THAT PROVIDES LIFE, ANNUITY, AND DISABILITY INSURANCE FOR ITS MEMBERS. PART VI, SECTION A, LINE 2 - BUSINESS RELATIONSHIP: BOARD MEMBERS LAWRENCE BROWN, JR., MICHAEL GILL & MACK I. JULION, AND OFFICERS FREDERIC ROLANDO AND JIM YATES SERVE AS CHAIRMAN, TRUSTEE, TRUSTEE, PRESIDENT, AND DIRECTOR OF LIFE INSURANCE AND DIRECTOR OF LIFE INSURANCE FOR NATIONAL ASSOCIATION OF LETTER CARRIERS. PART VI, SECTION A, LINE 6 - MEMBERS OF ORGANIZATION: An applicant for admission to membership in the MBA must be a letter carrier or other nonsupervisory employee of the Postal Career Service who is a member in good standing of the NALC, or the spouse, child, grandchild, or great grandchild of a member of the NALC. Employees of the NALC and its subsidiaries, their spouse and children are also eligible applicants for membership in the MBA. PART VI, SECTION A, LINES 7A/7B-ELECTION & DECISION APPROVAL OF TRUSTEES: The Trustees and the Director of Life Insurance, who must be members of the NALC to hold these offices, are elected at the time and in the manner prescribed for the election of officers of the NALC under the organization's Constitution. The Constitution and General Laws of the U.S. Letter Carriers MBA may be amended by a vote of the delegates at a national convention of the NALC in accordance with procedures set forth in the General Laws of the MBA. PART VI, SECTION B, LINE 11B - REVIEW OF FORM 990: THE FORM 990 IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM ("CPA FIRM"), ENGAGED BY THE BOARD OF TRUSTEES, THAT FORWARDS A DRAFT COPY OF THE FORM 990 FOR REVIEW BY THE DIRECTOR OF LIFE INSURANCE AND THE ASSISTANT TO THE DIRECTOR. UPON APPROVAL OF THE FORM 990, THE FORM 990 IS SUBMITTED BY THE CPA FIRM FOR FILING WITH THE INTERNAL REVENUE SERVICE. PART VI, SECTION B, LINE 12C - CONFLICT OF INTEREST POLICY: THE ASSOCIATION REQUIRES ITS OFFICERS AND KEY EMPLOYEES TO AFFIRM IN WRITING TO THE BOARD THAT HE/SHE HAS RECEIVED, READ AND UNDERSTANDS THE POLICY. ADDITIONALLY, ITS OFFICERS AND KEY EMPLOYEES REPORT AT LEAST ANNUALLY ANY CHANGE IN AFFILIATIONS FROM THE PRIOR YEAR. PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS, POLICIES & FINANCIALS: THE ORGANIZATION DOES NOT GENERALLY MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, RECORD RETENTION POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC; EXCEPT AS MAY BE REQUIRED UNDER APPLICABLE STATE LAW. PART VII, SECTION A, COLUMN F - DEFERRED COMPENSATION: $287,449 REPRESENTS THE AMOUNTS CALCULATED BY THE PLAN ACTUARY AS TO THE INCREASE IN ACTUARIAL VALUE IN DEFINED BENEFITS. THESE AMOUNTS REPORTED ARE NOT ACTUAL OUTLAYS OF COMPENSATION TO THE ADMINISTRATOR, TRUSTEES AND DIRECTOR. PART XI, LINE 9 - OTHER CHANGES IN NET ASSETS: $ 986,458 UNREALIZED GAIN ON EXCHANGE TRADED FUNDS $ 14,429 UNREALIZED GAIN ON SECURITIES LENDING $ (339,768) CHANGE IN ACCUMULATED POSTRETIREMENT BENEFIT OBLIG. $ 52,338 NON-ADMITTED AND RELATED ITEMS ------------ $ 713,457 NET CHANGES IN NET ASSETS ============ PART XII, LINE 1 - METHOD OF ACCOUNTING: The financial statements are presented on the basis of accounting practices prescribed or permitted by the Tennessee Department of Commerce and Insurance ("TDCI"). The TDCI recognizes only statutory accounting practices prescribed or permitted by the State of Tennessee for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Tennessee Insurance Law. The National Association of Insurance Commissioners ("NAIC") Accounting and Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of Tennessee. These principles vary in certain respects from accounting principles generally accepted in the United States of America with regard to the treatment of certain furniture and equipment, recognition of revenue and uncollected premiums, the carrying amount of investments, recognition of reserves, dividends to policyholders and the presentation of net periodic benefit cost. NALC ANNUITY TRUST FUND 20547 WAVERLY COURT ASHBURN VA 20149 526038252 pension fund DC 401(a) NALC false NALC HEALTH BENEFIT PLAN FOR EMPLOYEES 20547 WAVERLY COURT ASHBURN VA 20149 541875242 HEALTH BENEF VA 501(c)(9) NALC false NATIONAL ASSOCIATION OF LETTER CARRIERS 100 INDIANA AVE NW WASHINGTON DC 20001 530114650 LABOR ORG DC 501(c)(5) N/A false NALC COMM ON LETTER CARRIERS POLITICAL 100 INDIANA AVE NW WASHINGTON DC 20001 POLITICAL ORG DC 527 NALC false false false false false false false false false false false true false false true false true true false false