Pacific Maritime Association

Pension Benefits 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: 2025 2024 2023 2022 2021 2020 Actuarial Value of Assets $10,147,412,538 $ 9,717,743,815 $ 9,087,730,829 $ 8,640,692,400 $ 8,123,653,884 $ 7,354,148,554 Actuarial Liability: Pensioners/Survivors 4,250,275,667 4,081,042,612 3,853,306,765 3,794,448,195 3,588,819,039 3,456,264,879 Inactive Vested 35,277,950 31,066,367 33,887,253 27,117,592 25,950,283 24,487,330 Active Employees 5,275,651,290 5,021,223,517 4,924,072,642 4,591,513,817 4,127,328,457 3,966,080,636 Total Actuarial Liability $ 9,561,204,907 $ 9,133,332,496 $ 8,811,266,660 $ 8,413,079,604 $ 7,742,097,779 $ 7,446,832,845 Unfunded (Overfunded) Actuarial Accrued Liability $ (586,207,631) $ (584,411,319) $ (276,464,169) $ (227,612,796) $ (381,556,105) $ 92,684,291 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: 2025 2024 2023 2022 2021 2020 Retired Participants & Beneficiaries $ 4,203,752,561 $ 4,039,805,600 $ 3,807,638,258 $ 3,638,843,261 $ 3,521,441,808 $ 3,398,249,543 Inactive Vested 34,927,821 30,857,206 33,711,832 25,338,556 25,612,562 24,185,600 Active Vested Employees 3,977,586,319 3,767,271,369 3,645,342,221 3,236,955,357 3,046,693,816 2,906,382,164 Total Present Value Vested Liabilities $ 8,216,266,701 $ 7,837,934,175 $ 7,486,692,311 $ 6,901,137,174 $ 6,593,748,186 $ 6,328,817,307 Actuarial Value of Assets $ 10,147,412,538 $ 9,717,743,815 $ 9,087,730,829 $ 8,640,692,400 $ 8,123,653,884 $ 7,354,148,554 Unfunded Vested Benefits Liability $ - $ - $ - $ - $ - $ - For Plan Year Ended June 30: 2025 2024 2023 2022 2021 2020 Benefits Paid and Expenses Pensions paid $ 490,894,427 $ 468,809,672 $ 445,324,755 $ 438,989,239 $ 425,183,805 $ 404,189,134 Administrative expenses 11,322,310 9,893,894 9,584,680 9,395,480 8,821,500 8,392,772 Total Deductions $ 502,216,737 $ 478,703,566 $ 454,909,435 $ 448,384,719 $ 434,005,305 $ 412,581,906 Investment Income and Employer Contributions Net appreciation of fair value of investments $ 983,667,663 $ 886,064,304 $ 499,912,149 $ (990,271,224) $ 1,692,955,600 $ 110,624,672 Interest 89,560,932 73,079,042 58,432,431 47,422,536 36,912,438 26,690,074 Dividends from investments 79,183,418 73,726,740 62,387,114 62,744,886 56,169,877 92,323,875 Less investment expense (13,361,011) (11,052,261) (10,573,918) (10,889,639) (9,694,284) (7,887,064) Total Income Gain (Loss) $ 1,139,051,002 $ 1,021,817,825 $ 610,157,776 $ (890,993,441) $ 1,776,343,631 $ 221,751,557 Contributions from Employers 414,789,325 465,399,780 471,098,504 465,305,989 458,786,498 423,726,011 Other Income 325,733 2,643,557 2,360,653 2,909,166 1,679,308 1,247,882 Total Additions (Subtractions) $ 1,554,166,060 $ 1,489,861,162 $ 1,083,616,933 $ (422,778,286) $ 2,236,809,437 $ 646,725,450 Net Increase (Decrease) 1,051,949,323 1,011,157,596 628,707,498 (871,163,005) 1,802,804,132 234,143,544 Net Assets Available for Benefits: Beg. of Year $ 9,658,855,522 $ 8,647,697,926 $ 8,018,990,428 $ 8,890,153,433 $ 7,087,349,301 $ 6,853,205,757 End of Year $10,710,804,845 $ 9,658,855,522 $ 8,647,697,926 $ 8,018,990,428 $ 8,890,153,433 $ 7,087,349,301 PACIFIC MARITIME ASSOCIATION 63 S TAT I S T I C A L I N F O R M AT I O N

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