Operating Engineers Union 3 Pensioned Health & Welfare Fund
- Assets
- $267.9m
- Revenue
- $119.3m
- Investments
- $73.7m
- Employees
- 0
- Location
- Alameda, CA
- Founding
- 10/1964
- Data as of
- 12/2022
- EIN
- 94-6096327
Organization Overview
Operating Engineers Union 3 Pensioned Health & Welfare Fund is located in Alameda, CA. The organization was established in 1964. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Operating Engineers Union 3 Pensioned Health & Welfare Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2022, Operating Engineers Union 3 Pensioned Health & Welfare Fund generated $119.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $103.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTHCARE BENEFITS DURING RETIREMENT TO ELIGIBLE OPERATING ENGINEERS COVERED BY COLLECTIVE BARGAINING AGREEMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HEALTHCARE BENEFITS DURING RETIREMENT TO ELIGIBLE OPERATING ENGINEERS COVERED BY COLLECTIVE BARGAINING AGREEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin J Albanese Trustee | Trustee | 2 | $0 |
Thomas Holsman Trustee | Trustee | 2 | $0 |
Tom Squeri Trustee | Trustee | 2 | $0 |
Lance Inouye Trustee | Trustee | 2 | $0 |
James E Murray Co-Chairman | Trustee | 2 | $0 |
Justin Diston Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anthem Blue Cross Claims Administrator | 12/30/22 | $1,625,531 |
Zenith American Solutions Contract Admin. | 12/30/22 | $3,153,164 |
Optum Rx Prescription Admin. | 12/30/22 | $371,193 |
Chartwell Investment Partners Investment Mgmt | 12/30/22 | $207,443 |
Part D Advisors Prescription Admin. | 12/30/22 | $337,466 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $115,345,110 |
| Investment income | $6,537,724 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,911,998 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $119,278,066 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $95,355,447 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $3,153,164 |
| Fees for services: Legal | $69,699 |
| Fees for services: Accounting | $51,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $400,989 |
| Fees for services: Other | $539,424 |
| Advertising and promotion | $0 |
| Office expenses | $64,395 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $72,914 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $50,774 |
| All other expenses | $20,947 |
| Total functional expenses | $103,050,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,011,517 |
| Savings and temporary cash investments | $2,774,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,691,274 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,023 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $133,743,064 |
| Investments—other securities | $73,713,355 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $267,935,818 |
| Accounts payable and accrued expenses | $163,775 |
| Grants payable | $0 |
| Deferred revenue | $234,375 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,890,304 |
| Total liabilities | $15,288,454 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $252,647,364 |
| Total liabilities and net assets/fund balances | $267,935,818 |