This is a summary of the annual financial condition and operations of the United Federation of Teachers Welfare Fund, EIN 13-2547675, for the period October 1, 2018, through September 30, 2019. This report has been filed with the Office of the Comptroller of the City of New York pursuant to the City Comptroller’s Directive 12 requirements.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $460,793,979 as of September 30, 2019, compared with $369,470,476 as of October 1, 2018. During the plan year the plan experienced an increase in its net assets of $91,323,503. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $446,166,518 including employer contributions of $424,421,663, employee contributions of $568,700, realized losses of ($522,045) from the sale of assets and earnings from investments of $21,698,200.

Plan expenses were $354,843,015. These expenses included $37,225,610 in administrative expenses and $317,617,405 in benefits paid to participants and beneficiaries and insurance carriers for the provision of benefits.