Pay Guarantee Plan Longshore And Clerks

SUMMARY ANNUAL REPORT FOR PACIFIC MARITIME ASSOCIATION PAY GUARANTEE PLAN LONGSHORE AND CLERKS

This is a summary of the annual report for the Pacific Maritime Association Pay Guarantee Plan Longshore and Clerks, EIN 51-0137517, Plan No. 503, for the period July 1, 1999 through June 30, 2000.  The annual report has been filed with the Internal Revenue Service, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement 

Benefits under the plan are provided through a trust fund.  Plan expenses were $8,256,649.  These expenses included $20,075 in administrative expenses, $8,226,869 in benefits paid to participants and beneficiaries, and $9,705 in other expenses.  A total of 9,492 persons were participants in or beneficiaries of the plan at the end of the plan year. 

The value of plan assets, after subtracting liabilities of the plan, was $5,437,809 as of June 30, 2000, compared to $574,838 as of July 1, 1999.  During the plan year the plan experienced an increase in its net assets of $4,862,971.  The plan had total income of $13,119,620 including employer contributions of $13,039,433 and earnings from investments of $80,187. 

Your Rights To Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request.  The items listed below are included in that report:

  1. an accountant's report;   
  2. assets held for investment;   
  3. transactions in excess of 5% of the plan assets; and   
  4. financial information and information on payments to service providers. 

To obtain a copy of the full annual report, or any part thereof, write or call the office of Pacific Maritime Association Pay Guarantee Plan Longshore and Clerks , 550 California Street, Sacramento Street Tower, San Francisco, CA 94104, (415) 576-3200. The charge to cover copying costs will be $1.00 for the full annual report, or 25 cents per page for any part thereof. 

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both.  If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report.  The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan(Pacific Maritime Association, 550 California Street, Sacrament Street Tower, San Francisco, CA 94104) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs.  Requests to the Department should be addressed to: Public Disclosure Room, Room N-5638, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.