Pacific Maritime Association

59 P A C I F I C M A R I T I M E A S S O C I A T I O N S T A T I S T I C A L I N F O R M A T I O N 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: 2014 2013 2012 2011 2010 2009 Actuarial Value of Assets $ 3,966,433,764 $ 3,359,655,122 $ 2,869,381,355 $ 2,633,066,799 $ 2,522,553,618 $ 2,205,052,152 Actuarial Liability: Pensioners/Survivors 2,850,062,521 2,754,746,121 2,573,606,987 2,513,302,386 2,243,258,011 2,078,811,766 Inactive Vested 15,658,273 15,444,952 12,430,339 12,515,033 11,241,278 8,685,216 Active Employees 2,819,182,022 2,582,633,337 2,435,390,438 2,166,810,917 1,886,912,069 1,956,977,578 Total Actuarial Liability $ 5,684,902,816 $ 5,352,824,410 $ 5,021,427,764 $ 4,692,628,336 $ 4,141,411,358 $ 4,044,474,560 Unfunded Actuarial Accrued Liability $ 1,718,469,052 $ 1,993,169,288 $ 2,152,046,409 $ 2,059,561,537 $ 1,618,857,740 $ 1,839,422,408 ILWU-PMA SUPPLEMENTAL WELFARE BENEFIT PLAN For Plan Year Ended June 30: 2014 2013 2012 2011 2010 2009 Contributions by employer $ – $ – $ – $ 22,953,254 $ 25,190,376 $ 27,422,007 Deductions: Benefits paid – – – 22,759,922 24,993,061 27,233,339 Administrative expenses – – – 193,902 198,202 192,557 Total deductions $ – $ – $ – $ 22,953,824 $ 25,191,263 $ 27,425,896 Pension Benefits The ILWU-PMA Supplemental Welfare Benefit Plan was discontinued as of July 1, 2011. These benefits were incorporated into the ILWU-PMA Pension Plan. 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: 2014 2013 2012 2011 2010 2009 Retired Participants & Beneficiaries $ 2,764,559,277 $ 2,687,664,825 $ 2,518,930,846 $ 2,338,720,216 $ 2,213,070,879 $ 2,045,222,201 Inactive Vested 14,646,193 14,427,831 11,633,647 11,547,356 11,178,116 8,606,033 Active Vested Employees 1,777,422,211 1,588,782,541 1,480,465,257 1,316,277,562 1,199,985,307 1,221,160,824 Total Present Value Vested Liabilities $ 4,556,627,681 $ 4,290,875,197 $ 4,011,029,750 $ 3,666,545,134 $ 3,424,234,302 $ 3,274,989,058 Actuarial Value of Assets $ 3,966,433,764 $ 3,359,655,122 $ 2,869,381,355 $ 2,633,066,799 $ 2,522,553,618 $ 2,205,052,152 Unfunded Vested Benefits Liability $ 590,193,917 $ 931,220,075 $ 1,141,648,395 $ 1,033,478,335 $ 901,680,684 $ 1,069,936,906 For Plan Year Ended June 30: 2014 2013 2012 2011 2010 2009 Benefits Paid and Expenses Pensions paid $ 326,283,069 $ 313,379,142 $ 298,059,481 $ 268,308,942 $ 257,749,435 $ 234,096,522 Administrative expenses 6,388,537 6,206,996 6,116,737 5,241,442 5,133,109 5,084,654 Total Deductions $ 332,671,606 $ 319,586,138 $ 304,176,218 $ 273,550,384 $ 262,882,544 $ 239,181,176 Investment Income and Employer Contributions Net appreciation of fair value of investments $ 510,272,688 $ 291,942,827 $ (33,212,644) $ 419,928,367 $ 123,723,731 $ (548,928,868) Interest 15,089,587 15,582,271 16,765,630 18,393,304 22,638,462 30,109,441 Dividends from investments 52,294,885 52,296,404 49,591,569 41,729,497 35,738,728 39,370,795 Less investment expense (5,612,128) (5,931,931) (6,164,184) (5,884,035) (5,852,488) (5,911,844) Total Income Gain (Loss) $ 572,045,032 $ 353,889,571 $ 26,980,371 $ 474,167,133 $ 176,248,433 $ (485,360,476) Contributions from Employers 533,467,537 515,155,449 457,504,645 388,250,000 387,474,044 248,742,375 Other Income 727,048 261,920 550,943 990,564 853,442 2,730,747 Total Additions (Subtractions) $ 1,106,239,617 $ 869,306,940 $ 485,035,959 $ 863,407,697 $ 564,575,919 $ (233,887,354) Net Increase (Decrease) 773,568,011 549,720,802 180,859,741 589,857,313 301,693,375 (473,068,530) Net Assets Avail for Benefits: Beg. of Year $ 3,459,674,691 $ 2,909,953,889 $ 2,729,094,148 $ 2,139,236,835 $ 1,837,543,460 $ 2,310,611,990 End of Year $ 4,233,242,702 $ 3,459,674,691 $ 2,909,953,889 $ 2,729,094,148 $ 2,139,236,835 $ 1,837,543,460

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