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: 2023 2022 2021 2020 2019 2018 Actuarial Value of Assets $ 9,087,730,829 $ 8,640,692,400 $ 8,123,653,884 $ 7,354,148,554 $ 6,865,442,165 $ 6,228,785,199 Actuarial Liability: Pensioners/Survivors 3,853,306,765 3,794,448,195 3,588,819,039 3,456,264,879 3,265,039,741 3,101,462,542 Inactive Vested 33,887,253 27,117,592 25,950,283 24,487,330 23,754,874 20,959,549 Active Employees 4,924,072,642 4,591,513,817 4,127,328,457 3,966,080,636 3,822,807,194 3,526,982,208 Total Actuarial Liability $ 8,811,266,660 $ 8,413,079,604 $ 7,742,097,779 $ 7,446,832,845 $ 7,111,601,809 $ 6,649,404,299 Unfunded Actuarial Accrued Liability $ (276,464,169) $ (227,612,796) $ (381,556,105) $ 92,684,291 $ 246,159,644 $ 420,619,100 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: 2023 2022 2021 2020 2019 2018 Retired Participants & Beneficiaries $ 3,807,638,258 $ 3,638,843,261 $ 3,521,441,808 $ 3,398,249,543 $ 3,206,250,359 $ 3,215,832,788 Inactive Vested 33,711,832 25,338,556 25,612,562 24,185,600 23,455,536 21,280,775 Active Vested Employees 3,645,342,221 3,236,955,357 3,046,693,816 2,906,382,164 2,661,478,024 2,567,039,982 Total Present Value Vested Liabilities $ 7,486,692,311 $ 6,901,137,174 $ 6,593,748,186 $ 6,328,817,307 $ 5,891,183,919 $ 5,804,153,545 Actuarial Value of Assets $ 9,087,730,829 $ 8,640,692,400 $ 8,123,653,884 $ 7,354,148,554 $ 6,865,442,165 $ 6,228,785,199 Unfunded Vested Benefits Liability $ - $ - $ - $ - $ - $ - For Plan Year Ended June 30: 2023 2022 2021 2020 2019 2018 Benefits Paid and Expenses Pensions paid $ 445,324,755 $ 438,989,239 $ 425,183,805 $ 404,189,134 $ 382,770,256 $ 370,266,198 Administrative expenses 9,584,680 9,395,480 8,821,500 8,392,772 7,296,972 8,275,948 Total Deductions $ 454,909,435 $ 448,384,719 $ 434,005,305 $ 412,581,906 $ 390,067,228 $ 378,542,146 Investment Income and Employer Contributions Net appreciation of fair value of investments $ 499,912,149 $ (990,271,224) $ 1,692,955,600 $ 110,624,672 $ 266,330,056 $ 338,038,855 Interest 58,432,431 47,422,536 36,912,438 26,690,074 26,922,354 21,826,028 Dividends from investments 62,387,114 62,744,886 56,169,877 92,323,875 87,657,308 74,604,281 Less investment expense (10,573,918) (10,889,639) (9,694,284) (7,887,064) (8,048,763) (7,982,824) Total Income Gain (Loss) $ 610,157,776 $ (890,993,441) $ 1,776,343,631 $ 221,751,557 $ 372,860,955 $ 426,486,340 Contributions from Employers 471,098,504 465,305,989 458,786,498 423,726,011 607,723,180 609,745,037 Other Income 2,360,653 2,909,166 1,679,308 1,247,882 1,555,717 1,013,049 Total Additions $ 1,083,616,933 $ (422,778,286) $ 2,236,809,437 $ 646,725,450 $ 982,139,852 $ 1,037,244,426 Net Increase 628,707,498 (871,163,005) 1,802,804,132 234,143,544 592,072,624 658,702,280 Net Assets Available for Benefits: Beg. of Year $ 8,018,990,428 $ 8,890,153,433 $ 7,087,349,301 $ 6,853,205,757 $ 6,261,133,133 $ 5,602,430,853 End of Year $ 8,647,697,926 $ 8,018,990,428 $ 8,890,153,433 $ 7,087,349,301 $ 6,853,205,757 $ 6,261,133,133 PACIFIC MARITIME ASSOCIATION 67 S TAT I S T I C A L I N F O R M AT I O N

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