Issue link: https://pma.uberflip.com/i/1495430
ANNUAL HOURS REQUIREMENTS FOR VACATION ELIGIBILITY 1,300 or more 800 1,300 700 1,200 1,200 - 1,299 700 1,200 600 1,100 1,100 - 1,199 676 1,100 600 1,100 1,000 - 1,099 615 1,000 600 1,000 900 - 999 552 900 552 900 less than 900 552 800 552 800 Average Port Hours Under Age 60 1 wk 2 wks Age 60 and over 1 wk 2 wks Include payments for benefits, taxes, and administrative expenses Vacation benefits are mostly paid in the first full payroll week in February for vacations earned in the prior year. Source: Audited Financial Statements except for 2022 *Estimated benefits. years of service remain credited for life. The Plan is non-contributory for the participants and is completely funded by employer contributions. ILWU-PMA Savings 401(k) Plan Longshore, clerk and foreman registrants may elect to defer, in increments of $1, up to $12 per hour paid each payroll week, into their 401(k) accounts. Participants aged 50 and older may elect to defer, in increments of $1, up to $12 per hour paid each payroll week, an additional amount, called a Catch-up Contribution and effective January 1, 2016, Roth Contributions. All contributions are subject to annual statutory limits. Participants may elect to defer any percentage, up to 90%, of their vacation paychecks into their 401(k) Plan accounts. Each year, the Employers contribute an amount sufficient to provide to the 401(k) account of each registrant, who has established a pension qualifying year in the prior payroll year, a contribution for qualifying hours paid by PMA member companies. The employer contributions are made to each account as soon as practicable following the end of each contract year. Registered walking bosses/foremen receive $5 per qualifying hour up to a maximum of 2,240 hours and longshore and clerk registrants receive $1 per qualifying hour up to a maximum of 2,000 hours. Beginning with the 2008 plan year, a "third-shift" conversion factor was applied to qualifying hours worked during the third shift. Vacation Plan A basic one-week or two-week vacation is paid according to the qualifying hours credited an eligible registrant in the previous payroll year. An individual who is registered and qualified on December 31 of the calendar year in which he earns his vacation receives a vacation with pay. VACATION BENEFITS, TAXES & EXPENSES Payroll Year in which earned: 2018 $ 102,001,566 2019 $ 107,011,388 2020 $ 106,076,630 2021 $ 117,571,040 2022* $ 131,279,416 I N D U S T R Y B E N E F I T S 42 42 2022 ANNUAL REPORT