ILWU-PMA Savings 401k Plan SAR, 2010 (FY)

SUMMARY ANNUAL REPORT

FOR PACIFIC MARITIME ASSOCIATION ILWU-PMA Savings 401K PLAN

This is a summary of the annual report for the Pacific Maritime Association ILWU-PMA Savings 401K Plan, EIN 94-1126322, Plan No. 002, for the period July 1, 2009 through June 30, 2010.  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 $78,017,236.  These expenses included $524,526 in administrative expenses and $77,492,585 in benefits paid to participants and beneficiaries and $125 in other expenses.  A total of 15,093 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 $875,194,350 as of June 30, 2010, compared to $783,560,118 as of July 1, 2009.  During the plan year, the plan experienced an increase in its net assets.  of $91,634,232. This increase includes unrealized appreciation and depreciation in the values of the 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 $169,651,468, including employer contributions of $27,390,068, employee contributions of $55,160,193, other contributions of $593,514, realized gains of $2,794,533 from the sale of assets, and earnings from investments of $83,713,160.

Your Rights to Additional Information

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

  1. financial information and information on payments to service providers;
  2. information regarding any CCTs, PSAs, MTs, or 103-12Ies;
  3. an accountant’s report;
  4. assets held for investment.

To obtain a copy of the plan’s full annual financial report, or any part thereof, write or call Pacific Maritime Association, 555 Market Street, 3rd Floor, San Francisco, CA  94105, (415) 576-3200. 

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 financial report from the Plan Administrator, these two statements and accompanying notes will be included as part of that report.

You also have the legally protected right to examine the annual report at the main office of the plan at Pacific Maritime Association, 555 Market Street, Third Floor, San Francisco, CA  94105 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.