Pay Guarantee Plan Longshore and Clerks, SAR 2001

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, 2000 through June 30, 2001.  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 $7,734.511.  These expenses included $19,210 in administrative expenses, $7,715,301 in benefits paid to participants and beneficiaries.  A total of 9,838 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 $411,842 as of June 30, 2001, compared to $5,437,809 as of July 1, 2000.  During the plan year the plan experienced a decrease in its net assets of $5,025,967.  The plan had total income of $2,708,544 including employer contributions of $2,574,999 and earnings from investments of $133,545.

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 Pacific Maritime Association Retirement Plan, 550 California Street, Sacramento Street Tower, San Francisco, CA  94104-1060, (415) 576-3200.  The charge for copying costs will be $2.00 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 par to that report.

You also have the legally protected right to examine the annual report at the main office of the plan (Pacific Maritime Association Retirement Plan, 550 California Street, Sacramento Street Tower, San Francisco, CA  94104-1060) 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, NW, Washington, D.C. 20210