Overview
What is Atlantic City Medical Center Employee Benefit Trust?
Atlantic City Medical Center Employee Benefit Trust, abbreviated as ACMEBT, is a self-insured trust fund established by Atlanticare Health System Inc. and its affiliates. The primary purpose of this trust is to provide long-term disability benefits to eligible full-time employees of Atlantic City Medical Center. The eligibility requirements include working 40 hours per week and completing 12 months of continuous employment. The benefits paid out are 50% of the employee's monthly earnings at the time of total disability, up to a maximum of $2,500 per month. Employees have the option to buy up to a higher percentage of benefits, with employer contributions primarily funding the plan, along with nominal employee contributions for those who opt for buy-up coverage. The assets of the plan are held in a trust fund, administered by National Risk Management, and managed through PNC Bank. The benefits provided by ACMEBT serve as a safety net for employees in the event of long-term disability.
Is Atlantic City Medical Center Employee Benefit Trust legitimate?
Atlantic City Medical Center Employee Benefit Trust is a legitimate nonprofit organization registered as a 501(c)(4) entity. Atlantic City Medical Center Employee Benefit Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Atlantic City Medical Center Employee Benefit Trust?
The Atlantic City Medical Center Employee Benefit Trust was established by Atlanticare Health System Inc. and its affiliates to provide long-term disability benefits for their employees, as outlined in the plan. The plan, known as the Atlantic City Medical Center Group Long-Term Disability Plan, is a self-insured plan, and claims are paid through the Trust's general assets or through employee benefits. Eligibility requirements for participation in the plan include regular full-time employees who have worked 40 hours per week for at least 12 months with continuous employment. Upon total disability, benefit payments are made at 50% of the employee's monthly earnings, reduced by any other income benefits, with a maximum of $2,500 per month. Participants have the option to purchase a higher percentage of benefits, up to 66-2/3%.
Who is the CEO of Atlantic City Medical Center Employee Benefit Trust?
Atlanticare Health System Inc is the Trustee of Atlantic City Medical Center Employee Benefit Trust.
What is the revenue of Atlantic City Medical Center Employee Benefit Trust?
Atlantic City Medical Center Employee Benefit Trust's revenue in 2022 was $21,977.
Who are the executives of Atlantic City Medical Center Employee Benefit Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Atlantic City Medical Center Employee Benefit Trust?
Atlantic City Medical Center Employee Benefit Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Atlantic City Medical Center Employee Benefit Trust
Atlantic City Medical Center Employee Benefit Trust, often referred to as the Trust, has a mission to provide long-term disability benefits for employees of Atlantic City Medical Center, as defined in the plan. Established by Atlanticare Health System, Inc. and its affiliates, this self-insured plan aims to support employees who become disabled and are unable to work for an extended period. The Trust is responsible for paying benefits, which are calculated based on 50% of the employee's monthly earnings at the time of total disability, reduced by any other income benefits, with a maximum limit of $2,500 per month. Additionally, participants have the option to purchase a higher percentage of benefits, up to a maximum of 66-2/3%. This benefit plan is designed to provide a safety net for eligible employees, ensuring they receive financial support during their period of disability.
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Impact
October, 2024
The Atlantic City Medical Center Employee Benefit Trust plays a critical role in providing long-term financial security for employees facing total disability. By establishing a structured long-term disability plan, the Trust ensures that eligible employees receive ongoing income support during challenging circumstances, mitigating the financial burden that can arise from being unable to work due to disability.
Eligibility for the program is accessible, allowing all regular full-time employees who meet the criteria to enroll on their first day of active work after 12 months of continuous employment. This inclusivity fosters a sense of security among employees, knowing that they have a safety net in times of need. The benefits are designed to provide approximately 50% of an employee's monthly earnings, with an option to enhance coverage through a "buy-up" option, offering flexibility based on individual needs.
Crucially, the Trust is self-insured, meaning that claims are backed by the general assets of the plan alongside the contributions from both the employer and participating employees. This structure not only exemplifies a sustainable model for funding long-term disability benefits but also underscores the commitment of Atlanticare Health System and its affiliates to support their workforce.
The administration of this Trust, facilitated by National Risk Management, ensures that funds are managed effectively, allowing for timely benefit disbursements to eligible participants. By holding the assets in cash and cash equivalents at a trusted banking institution, the Trust safeguards the financial integrity necessary to fulfill its obligations to employees.
Overall, the Atlantic City Medical Center Employee Benefit Trust provides vital support, enhancing employee well-being and fostering a supportive workplace environment, which can ultimately contribute to higher employee morale and retention within the organization.
This information is meant to be a general summary of Atlantic City Medical Center Employee Benefit Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $21,977
- Gross Receipts: $21,977
Assets and Liabilities:
- Total Assets: $1,443,474
- Total Liabilities: $0
- Net Assets: $1,443,474
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Organization Details
Founding Year
1986
Phone
(609) 569-7031Principal Officer
Atlanticare Health System Inc
Main Address
2500 ENGLISH CREEK AVENUE BLDG 500, EGG HARBOR TOWNSHIP, NJ, 08234
NTEE Category
Code: Y20 - Mutual benefit
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