Pacific Maritime Association

67 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: 2015 2014 2013 2012 2011 2010 Actuarial Value of Assets $ 4,518,905,699 $ 3,966,433,764 $ 3,359,655,122 $ 2,869,381,355 $ 2,633,066,799 $ 2,522,553,618 Actuarial Liability: Pensioners/Survivors 2,970,165,361 2,850,062,521 2,754,746,121 2,573,606,987 2,513,302,386 2,243,258,011 Inactive Vested 16,092,865 15,658,273 15,444,952 12,430,339 12,515,033 11,241,278 Active Employees 2,897,427,780 2,819,182,022 2,582,633,337 2,435,390,438 2,166,810,917 1,886,912,069 Total Actuarial Liability $ 5,883,686,006 $ 5,684,902,816 $ 5,352,824,410 $ 5,021,427,764 $ 4,692,628,336 $ 4,141,411,358 Unfunded Actuarial Accrued Liability $ 1,364,780,307 $ 1,718,469,052 $ 1,993,169,288 $ 2,152,046,409 $ 2,059,561,537 $ 1,618,857,740 ILWU-PMA SUPPLEMENTAL WELFARE BENEFIT PLAN For Plan Year Ended June 30: 2015 2014 2013 2012 2011 2010 Contributions by employer $ – $ – $ – $ – $ 22,953,254 $ 25,190,376 Deductions: Benefits paid – – – – 22,759,922 24,993,061 Administrative expenses – – – – 193,902 198,202 Total deductions $ – $ – $ – $ – $ 22,953,824 $ 25,191,263 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: 2015 2014 2013 2012 2011 2010 Retired Participants & Beneficiaries $ 2,932,554,616 $ 2,764,559,277 $ 2,687,664,825 $ 2,518,930,846 $ 2,338,720,216 $ 2,213,070,879 Inactive Vested 16,111,486 14,646,193 14,427,831 11,633,647 11,547,356 11,178,116 Active Vested Employees 2,048,593,830 1,777,422,211 1,588,782,541 1,480,465,257 1,316,277,562 1,199,985,307 Total Present Value Vested Liabilities $ 4,997,259,932 $ 4,556,627,681 $ 4,290,875,197 $ 4,011,029,750 $ 3,666,545,134 $ 3,424,234,302 Actuarial Value of Assets $ 4,518,905,699 $ 3,966,433,764 $ 3,359,655,122 $ 2,869,381,355 $ 2,633,066,799 $ 2,522,553,618 Unfunded Vested Benefits Liability $ 478,354,233 $ 590,193,917 $ 931,220,075 $ 1,141,648,395 $ 1,033,478,335 $ 901,680,684 For Plan Year Ended June 30: 2015 2014 2013 2012 2011 2010 Benefits Paid and Expenses Pensions paid $ 332,272,776 $ 326,283,069 $ 313,379,142 $ 298,059,481 $ 268,308,942 $ 257,749,435 Administrative expenses 6,130,759 6,388,537 6,206,996 6,116,737 5,241,442 5,133,109 Total Deductions $ 338,403,535 $ 332,671,606 $ 319,586,138 $ 304,176,218 $ 273,550,384 $ 262,882,544 Investment Income and Employer Contributions Net appreciation of fair value of investments $ 72,162,853 $ 510,272,688 $ 291,942,827 $ (33,212,644) $ 419,928,367 $ 123,723,731 Interest 15,834,497 15,089,587 15,582,271 16,765,630 18,393,304 22,638,462 Dividends from investments 55,539,098 52,294,885 52,296,404 49,591,569 41,729,497 35,738,728 Less investment expense (5,477,489) (5,612,128) (5,931,931) (6,164,184) (5,884,035) (5,852,488) Total Income Gain (Loss) $ 138,058,959 $ 572,045,032 $ 353,889,571 $ 26,980,371 $ 474,167,133 $ 176,248,433 Contributions from Employers 539,999,599 533,467,537 515,155,449 457,504,645 388,250,000 387,474,044 Other Income 970,216 727,048 261,920 550,943 990,564 853,442 Total Additions (Subtractions) $ 679,028,774 $ 1,106,239,617 $ 869,306,940 $ 485,035,959 $ 863,407,697 $ 564,575,919 Net Increase (Decrease) 340,625,239 773,568,011 549,720,802 180,859,741 589,857,313 301,693,375 Net Assets Avail for Benefits: Beg. 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 End of Year $ 4,573,867,941 $ 4,233,242,702 $ 3,459,674,691 $ 2,909,953,889 $ 2,729,094,148 $ 2,139,236,835

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