Overview
What is New Jersey Underwriting Association Retiree Medical Trust?
The New Jersey Underwriting Association Retiree Medical Trust is a charitable entity established to offer welfare benefits to eligible retirees and their dependents from the New Jersey Insurance Underwriting Association. With 42 participants in 2022, comprising 35 retirees and 7 spouses, the Trust provides financial assistance for qualifying medical premiums and expenses, covering necessary healthcare costs and medical insurance coverage. The Trustees are responsible for managing the funds, ensuring that the benefits are accessible to all eligible members without any restriction based on position or compensation level within the Association.
Is New Jersey Underwriting Association Retiree Medical Trust legitimate?
New Jersey Underwriting Association Retiree Medical Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. New Jersey Underwriting Association Retiree Medical 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 New Jersey Underwriting Association Retiree Medical Trust?
The New Jersey Underwriting Association Retiree Medical Trust is established with the primary objective of providing a welfare benefits plan for all eligible retirees and their dependents of the New Jersey Insurance Underwriting Association. This plan, referred to as the ICSO Group Health and Welfare Insurance Plan, offers payments and reimbursements for qualified medical premiums and expenses incurred by the participants. These expenses include qualifying medical care costs, as defined by Section 213(D)(1) of the Code, or medical insurance coverage. It's worth noting that membership benefits from this plan are not exclusive to officers, shareholders, or highly compensated employees. The appointed trustees are responsible for managing the fund and overseeing the operations of the plan.
Who is the CEO of New Jersey Underwriting Association Retiree Medical Trust?
Albert Chin is the Director of New Jersey Underwriting Association Retiree Medical Trust.
What is the revenue of New Jersey Underwriting Association Retiree Medical Trust?
New Jersey Underwriting Association Retiree Medical Trust's revenue in 2022 was $251,787.
Who are the executives of New Jersey Underwriting Association Retiree Medical Trust and what are their salaries?
Here are 3 key members and their salaries:
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Where can I find the form 990 for New Jersey Underwriting Association Retiree Medical Trust?
New Jersey Underwriting Association Retiree Medical Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Jersey Underwriting Association Retiree Medical Trust
The New Jersey Underwriting Association Retiree Medical Trust is dedicated to providing a welfare benefits plan for all eligible retirees, as well as their dependents, within the New Jersey Insurance Underwriting Association. This trust, known as the Plan, offers payments and reimbursements for qualifying medical premiums and expenses incurred by the participants. These payments are for qualifying medical care expenses, as defined by Section 213(D)(1) of the Code, or medical insurance coverage. Membership benefits from this plan are not restricted to officers, shareholders, or highly compensated employees. The appointed trustees are responsible for managing the fund, ensuring the smooth operation of the welfare benefits plan for the benefit of the retirees and their dependents.
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Impact
October, 2024
The New Jersey Underwriting Association Retiree Medical Trust plays a vital role in supporting the health and well-being of retirees from the New Jersey Insurance Underwriting Association by offering a comprehensive welfare benefits plan. This plan is designed specifically for eligible retirees and their dependents, ensuring access to necessary medical care and financial support for medical expenses.
In 2022, the Trust served 42 participants, comprising 35 retirees and 7 spouses, demonstrating its importance as a resource for those who have dedicated their careers to the association. By covering qualified medical premiums and expenses, the Trust alleviates some of the financial burdens that can accompany healthcare costs, contributing to the overall quality of life for its members.
Furthermore, the Trust's commitment to providing benefits is not restricted to senior management or high-income earners, which underscores its inclusive nature. The appointed trustees are responsible for effectively managing the fund, ensuring that it remains a sustainable source of support for current and future retirees, thereby fostering a sense of security within the community.
Overall, the New Jersey Underwriting Association Retiree Medical Trust stands as a crucial institution that enhances the lives of its participants, promoting health and wellness among a demographic that has significantly contributed to the industry.
This information is meant to be a general summary of New Jersey Underwriting Association Retiree Medical 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: $44,672
- Program Service Revenue: $207,115
- Gross Receipts: $251,787
Assets and Liabilities:
- Total Assets: $4,281,260
- Total Liabilities: $0
- Net Assets: $4,281,260
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EMPLOYER (NJIUA) CONTR
Revenue
$207,115
Organization Details
Founding Year
2014
Phone
(973) 718-6021Principal Officer
Albert Chin
Main Address
570 BROAD STREET, NEWARK, NJ, 07102
NTEE Category
Code: Y20 - Mutual benefit
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