Pacific Maritime Association

ACTUARIAL ACCRUED LIABILITY The actuarial accrued liability is the amount which, together with assumed investment earnings, will be sufficient to pay earned retirement benefits for the lifetimes of those Plan participants eligible for retirement benefits. The difference between net assets and total actuarial accrued liability is the unfunded actuarial accrued liability. Actuarial Accrued Liability July 1: 2021 2020 2019 2018 2017 2016 Actuarial Value of Assets $ 8,123,653,884 $ 7,354,148,554 $ 6,865,442,165 $ 6,228,785,199 $ 5,651,600,468 $ 5,046,274,566 Actuarial Liability: Pensioners/Survivors 3,636,135,521 3,456,264,879 3,265,039,741 3,101,462,542 3,160,024,559 3,058,742,453 Inactive Vested 25,761,696 24,487,330 23,754,874 20,959,549 19,071,017 16,952,975 Active Employees 4,161,126,818 3,966,080,636 3,822,807,194 3,526,982,208 3,379,133,694 3,203,495,763 Total Actuarial Liability $ 7,823,024,035 $ 7,446,832,845 $ 7,111,601,809 $ 6,649,404,299 $ 6,558,229,270 $ 6,279,191,191 Unfunded Actuarial Accrued Liability $ (300,629,849) $ 92,684,291 $ 246,159,644 $ 420,619,100 $ 906,628,802 $ 1,232,916,625 Pension Benefits CHANGES IN NET ASSETS AVAILABLE FOR PENSION BENEFITS The data in the table below are obtained from annual audited financial statements of the ILWU-PMA Pension Plan which are prepared on the accrual basis of accounting. The Plan year ends June 30. EMPLOYER WITHDRAWAL LIABILITY Multi-employer plans are required by the Multi-employer Pension Plan Amendments Act of 1980 to establish procedures for the determination and imposition of withdrawal liability upon the withdrawal of a contributing employer. Under special rules approved by the Pension Benefit Guaranty Corporation, the ILWU-PMA Pension Plan will impose withdrawal liability for a withdrawal where the employer a) during the 5 years following withdrawal continues or resumes covered operation without an obligation to make contributions or b) sells or transfers all or a substantial portion of its business or assets to a non-contributing employer. An employer that simply goes out of business will generally have no withdrawal liability. To satisfy the withdrawal requirement, the Plan uses the presumptive method for the computation of withdrawal liability. The presumptive method bases such liability on certain components of the Plan's unfunded vested benefits liability. The unfunded vested benefits liability for the Plan Year ended June 30 is shown below. The benefits reflected in the calculation for active employees include only retirement benefits already accumulated, already vested and for which the active employees qualified as a result of age and service through June 30. Vested Liabilities as of Plan Year Ended June 30: 2021 2020 2019 2018 2017 2016 Retired Participants & Beneficiaries $ 3,576,806,659 $ 3,398,249,543 $ 3,206,250,359 $ 3,215,832,788 $ 3,138,630,504 $ 3,014,662,573 Inactive Vested 25,519,902 24,185,600 23,455,536 21,280,775 18,988,335 16,846,484 Active Vested Employees 3,067,948,122 2,906,382,164 2,661,478,024 2,567,039,982 2,375,650,390 2,167,004,834 Total Present Value Vested Liabilities $ 6,670,274,683 $ 6,328,817,307 $ 5,891,183,919 $ 5,804,153,545 $ 5,533,269,229 $ 5,198,513,891 Actuarial Value of Assets $ 8,123,653,884 $ 7,354,148,554 $ 6,865,442,165 $ 6,228,785,199 $ 5,651,600,468 $ 5,046,274,566 Unfunded Vested Benefits Liability $ - $ - $ - $ - $ - $ 152,239,325 For Plan Year Ended June 30: 2021 2020 2019 2018 2017 2016 Benefits Paid and Expenses Pensions paid $ 425,183,805 $ 404,189,134 $ 382,770,256 $ 370,266,198 $ 359,523,524 $ 345,141,002 Administrative expenses 8,821,500 8,392,772 7,296,972 8,275,948 7,097,014 7,204,501 Total Deductions $ 434,005,305 $ 412,581,906 $ 390,067,228 $ 378,542,146 $ 366,620,538 $ 352,345,503 Investment Income and Employer Contributions Net appreciation of fair value of investments $ 1,692,955,600 $ 110,624,672 $ 266,330,056 $ 338,038,855 $ 509,393,834 $ (85,740,261) Interest 36,912,438 26,690,074 26,922,354 21,826,028 17,954,371 16,370,129 Dividends from investments 56,169,877 92,323,875 87,657,308 74,604,281 76,394,246 58,768,496 Less investment expense (9,694,284) (7,887,064) (8,048,763) (7,982,824) (8,174,356) (8,345,354) Total Income Gain (Loss) $ 1,776,343,631 $ 221,751,557 $ 372,860,955 $ 426,486,340 $ 595,568,095 $ (18,946,990) Contributions from Employers 458,786,498 423,726,011 607,723,180 609,745,037 611,279,468 557,846,818 Other Income 1,679,308 1,247,882 1,555,717 1,013,049 1,034,696 746,865 Total Additions $ 2,236,809,437 $ 646,725,450 $ 982,139,852 $ 1,037,244,426 $ 1,207,882,259 $ 539,646,693 Net Increase 1,802,804,132 234,143,544 592,072,624 658,702,280 841,261,721 187,301,190 Net Assets Available for Benefits: Beg. of Year $ 7,087,349,301 $ 6,853,205,757 $ 6,261,133,133 $ 5,602,430,853 $ 4,761,169,131 $ 4,573,867,941 End of Year $ 8,890,153,433 $ 7,087,349,301 $ 6,853,205,757 $ 6,261,133,133 $ 5,602,430,853 $ 4,761,169,131 S TAT I S T I C A L I N F O R M AT I O N 67 67 PACIFIC MARITIME ASSOCIATION

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