Pennsylvania Employees Benefit Trust Fund

“The form 990 is reviewed by the CFO and an outside accounting firm before being filed with the IRS.”

“The conflict of interest policy is monitored and enforced as an integral part of the Pennsylvania Employee Benefit Trust Fund (PEBTF) corporate compliance program. As such, the corporate compliance office, in conjunction with the corporate compliance committee has the primary responsibility for monitoring and enforcement of this policy. In addition, on an annual basis the Human Resources department requires each employee to sign a conflict of interest statement which provides documentation of any actual or perceived conflict as well as reiterating the PEBTF's policy regarding conflict of interest. Any noted conflicts of interest would require the employee to recuse themselves from any dealings or decisions related to the party with which they have an actual or perceived conflict.”

“The process of determining compensation of the CEO includes the Compensation Committee of the Board of Trustees, the Chair of the Finance Committee, and the Chair of the Board. (1) Independent salary survey information is provided to the Compensation Committee by the Director of Human Resources. (2) A formal review of the CEO is performed by the Chair of the Board comparing performance expectations to the actual performance for the year. (3) A performance increase is recommended by the Compensation Committee after taking the salary survey range and performance information into account. (4) In the event the CEO's salary falls significantly outside the independent salary survey range, either on the high or low side, additional information is sought prior to development of an increase amount. The process of determining compensation for the other officers and key employees is led by the CEO and follows the steps noted above. Salary data obtained from executive search firms is used for comparability while the final compensation amounts require approval from the Board of Trustees.”

“PEBTF's governing documents, conflict of interest policy, and financial statements are not generally made available to the public. However, if there is a written request for the above information, the request is reviewed by the CEO with assistance from corporate counsel, and a determination is made and rendered in writing to the requestor”

“Decrease in benefit obligations of $523,067.”