Overview
What is Alabama Power Co Post Retirement Welfare Benefits Trust?
The Alabama Power Co Post Retirement Welfare Benefits Trust is a specialized trust established by Alabama Power Company, located in Atlanta, Georgia. Its primary role is to receive, manage, and invest funds intended for providing post-retirement welfare benefits to the company's retired employees. The Alabama Public Service Commission mandates Alabama Power Company to allocate a portion of their employees' retirement benefit costs within their electricity rates into an external trust fund, which serves as the foundation for this trust. The trust's mission is to ensure the continuous provision of post-retirement medical and life insurance benefits for Alabama Power Company's retired employees.
Is Alabama Power Co Post Retirement Welfare Benefits Trust legitimate?
Alabama Power Co Post Retirement Welfare Benefits Trust is a legitimate nonprofit organization registered as a 501(c)(9) entity. Alabama Power Co Post Retirement Welfare Benefits 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 Alabama Power Co Post Retirement Welfare Benefits Trust?
The Alabama Power Co Post Retirement Welfare Benefits Trust is established with the primary goal of managing and investing funds to provide post-retirement medical and life insurance benefits to retired employees of Alabama Power Company. The trust is mandated by the Alabama Public Service Commission, which requires Alabama Power Company to transfer a portion of its retiree benefit costs into this external fund. The trust's sole purpose is to ensure the financial stability for the post-retirement welfare benefits of its retired employees, thereby alleviating some financial burden from the company's electric rates.
Who is the CEO of Alabama Power Co Post Retirement Welfare Benefits Trust?
Bank Of New York Mellon is the Principal Officer of Alabama Power Co Post Retirement Welfare Benefits Trust.
What is the revenue of Alabama Power Co Post Retirement Welfare Benefits Trust?
Alabama Power Co Post Retirement Welfare Benefits Trust's revenue in 2022 was $9,773,954.
Who are the executives of Alabama Power Co Post Retirement Welfare Benefits Trust and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $31
- Related: $0
- Other: $0
Where can I find the form 990 for Alabama Power Co Post Retirement Welfare Benefits Trust?
Alabama Power Co Post Retirement Welfare Benefits Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Alabama Power Co Post Retirement Welfare Benefits Trust
The Alabama Power Co Post Retirement Welfare Benefits Trust is established with a specific mission. This mission involves receiving, holding, and investing funds transferred by Alabama Power Company. The primary purpose of these funds is to provide post-retirement medical and life insurance benefits to the retired employees of Alabama Power Company. The Alabama Public Service Commission requires Alabama Power Company to place the costs associated with these retiree benefits within its electric rates in an external trust fund. The formation of this trust is solely for this purpose, ensuring the financial security and well-being of its retired employees in their post-career years.
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Impact
October, 2024
The Alabama Power Co Post Retirement Welfare Benefits Trust plays a crucial role in ensuring the financial security of retired employees by funding post-retirement medical and life insurance benefits. This trust is specifically designed to receive, hold, and invest funds allocated by Alabama Power Company, which are essential for covering the retirement welfare benefits of its former employees.
By establishing this trust, Alabama Power Company complies with regulations set by the Alabama Public Service Commission, which mandates the inclusion of retiree benefit costs in its electric rates. This regulatory requirement guarantees that funds are adequately reserved for fulfilling these benefits, thereby protecting the welfare of retirees.
The trust's impact extends beyond mere financial transactions; it fosters peace of mind for retirees who rely on these benefits for their healthcare and life insurance coverage post-employment. In effect, it strengthens the company's commitment to its workforce even after retirement, enhancing overall employee morale and organizational loyalty. The careful management and investment of the trust's funds further contribute to ensuring that the benefits remain sustainable and secure for future retirees.
This information is meant to be a general summary of Alabama Power Co Post Retirement Welfare Benefits 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: $5,334,640
- Program Service Revenue: -$26,179
- Gross Receipts: $20,383,075
Assets and Liabilities:
- Total Assets: $253,301,719
- Total Liabilities: $0
- Net Assets: $253,301,719
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Organization Details
Founding Year
1994
Phone
(404) 506-6588Principal Officer
Bank Of New York Mellon
Main Address
241 RALPH MCGILL BLVD BIN 10139, ATLANTA, GA, 30308
NTEE Category
Code: Y40 - Mutual benefit
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