Issue link: https://pma.uberflip.com/i/1232346
WORLD-CLASS BENEFITS FOR ILWU MEMBERS The ILWU benefits package includes: • Comprehensive healthcare coverage with no premiums for both actives and retirees: 100% in-network medical coverage, prescription drug coverage with a $1 copay, vision, dental, alcohol and substance use disorder treatment and life insurance; • A pension plan up to $95,460 annually and a 401(k) savings plan with employer contributions; • Disability benefits covering up to $1,250 per week for up to 52 weeks; • Up to 6 weeks paid vacation per year; • 15 holidays (including 13 paid holidays) per year; and • Guaranteed pay for up to 40 hours of work per week. Stabilizing Overall Benefit Costs Over the past decade, benefit costs have increased from approximately $82,500 per active registrant to approximately $110,000. Over the last five years, the total benefit costs (see chart below) were up nearly 20 percent. A closer look at the numbers indicates that much of the cost increase has been due to legally required pension plan contributions. Fully Funded Pension Plan The industry pension plan – the ILWU-PMA Pension Plan – is world-class and has seen major upgrades since the seminal technology agreement of 2002. Currently, the 2019 maximum yearly retirement benefit is $91,020 and will increase to $95,460 by 2021. At the end of calendar year 2019, the Plan paid $33.9 million per month to 9,025 benefit recipients. As of 2019, the Pension Plan became fully funded. The Plan is non-contributory for the participants and is completely funded by employer contributions. Refer to pg.41 for more information. 401(k) Plans Marine Clerk Work CFS Fund Industry Travel Pay Guarantee Plan Holiday Cost and Taxes Vacation (Including Pension (Employer Welfare Plan (Cost $0 $0.4 $0.8 $1.6 $1.2 14/15 12/13 13/14 15/16 16/17 09/10 10/11 11/12 17/18 18/19 07/08 08/09 05/06 06/07 03/04 04/05 02/03 Billions 401(k) Plans Marine Clerk Work Opportunity CFS Fund Industry Travel Pay Guarantee Plan Holiday Cost and Taxes Vacation (Including Employer Taxes) SWB Pension (Eliminated in 2011) Pension (Employer Contribution) Welfare Plan (Cost + Expenses) 401(k) Plans Marine Clerk Work Opportunity CFS Fund Industry Travel Pay Guarantee Plan Holiday Cost and Taxes Vacation (Including Employer Taxes) Pension (Employer Contribution) Welfare Plan (Cost + Expenses) $0 $0.4 $0.8 $1.6 $1.2 14/15 12/13 13/14 15/16 16/17 09/10 10/11 11/12 17/18 18/19 07/08 08/09 05/06 06/07 03/04 04/05 02/03 Billions Total Benefits Cost 2002/03 through 2018/19 18 18 2019 ANNUAL REPORT