Trust Fund Financial Report (updated 9.15.11)
The Trust Fund's net assets as of our last audited financial statements for year end 10/31/2010 were $3,126,312.
The Trust Fund retains adequate financial reserves and is ending FY 11 with a significantly smaller budget deficit due to several decisions made last year to reduce costs: an increase in the dental plan deductible to $75, a decrease in the Calendar Year Maximum to $1,750, and the cesation of the under-utilized Graduate Student Employee Assistance Program. Implementation of these changes in 2010-11 resulted in a projected budget deficit for 2011-12 that is approximately ½ of what it was in 2009-10.
Trustees opted for a deductible increase in part because it affects all participants equally and additionally because the deductible has not been adjusted in the last nine years. Trustees opted for a change to the plan year maximum because only approximately 4% of participants are making use of the higher plan year maximum, and these participants may be able to manage the remaining care they need using Delta's Roll-over maximum Benefit or by spreading care over multiple plan years. Finally, Trustees opted to discontinue the GSEAP Program during the next plan year in part due to lower than anticipated member utilization. The UAW consulted its members regarding these changes and took into account their preferences as well.
