ILWU-PMA Savings 401(K) Plan, SAR 2004
Summary Annual Report
For ILWU-PMA Savings 401K Plan
This is a summary of the annual report for ILWU-PMA Savings 401K Plan, Employer Identification Number 94-1126322, Plan No. 002 for the period July 1, 2003 through June 30, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, 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 $34,033,871. These expenses included $631,872 in administrative expenses and $33,401,935 in benefits paid to participants and beneficiaries and $64 in other expenses. A total of 13049 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 $545,957,612, as of June 30, 2004 compared to $452,339,571 as of July 1, 2003. During the plan year, the plan experienced an increase in its net assets of $93,618,041. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $127,494,826, including employer contributions of $24,372,413, employee contributions of $55,440,175, other contributions of $954,767, realized gains of $495,454 from the sale of assets, and earnings from investments of $46,232,017.
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:
- financial information and information on payments to service providers;
- information regarding any CCTs, PSAs, MTs, or 103-12Ies;
- an accountant's report;
- assets held for investment;
To obtain a copy of the full annual report, or any part thereof, write or call Pacific Maritime Association, 550 California Street, San Francisco, CA 94104-1060, (415) 576-3200. The charge to cover 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 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 at Pacific Maritime Association, 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, N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.