Issue link: https://pma.uberflip.com/i/1463870
WORLD-CLASS BENEFITS AND WAGES 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 increased from approximately $93,200 per active registrant to approximately $102,000. For 2021, overall benefit costs increased by $21 million, to a total of nearly $1.6 billion. 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. Since 2014 asset growth outpaced liabilities and funding percentage improved from 70% to over 100%, even with nearly 20% increase in benefit levels. Currently, the 2021 maximum yearly retirement benefit is $95,460. At the end of calendar year 2021, the Plan paid $36.6 million per month to 9,194 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. Healthcare Benefits The healthcare plan – the ILWU-PMA Welfare Plan – is among the most generous in America, with no employee premiums and low out-of-pocket costs for out-of-network services. In the 2021 fiscal year the healthcare cost per ILWU registrant was $54,550. PMA Offers Sick Pay Benefits Related to COVID-19 PMA and the ILWU agreed to sick pay and workplace exclusion plans that addressed the requirements of the Families First Coronavirus Response Act (FFCRA) and subsequent state and local legislation. This sick pay benefit allowed individuals to be paid for time off related to COVID symptoms, or family care related to COVID. 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 19/20 20/21 07/08 08/09 05/06 06/07 03/04 04/05 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 (Scheduled Costs) Welfare Plan (Cost + Expenses) 14/15 12/13 13/14 15/16 16/17 09/10 10/11 11/12 17/18 18/19 07/08 08/09 Total Benefits Cost 2003/04 through 2020/21 $10.0 $9.0 $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 7/1/15 1/1/16 7/1/16 1/1/17 7/1/17 1/1/18 7/1/18 1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 12/31/21 Present Value of Accrued Non-Forfeitable Benets Funding Percentage ILWU-PMA Pension Plan Funding Percentage & Contribution 18 18 2021 ANNUAL REPORT