P E N S I O N
SUMMARY ANNUAL REPORT
FOR GEORGIA STEVEDORE ASSOCIATION – INTERNATIONAL LONGSHOREMEN’S
ASSOCIATION PENSION PLAN
This is a summary of the annual report for the Georgia Stevedore Association – International
Longshoremen’s Association Pension Plan, EIN 58-6106340, Plan No. 001, for the period
October 1, 2007 through September 30, 2008. 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 insurance and through a trust fund. Plan
expenses were $18,521,566. These expenses included $2,509,077 in administrative expenses and $16,012,489 in benefits paid to participants and beneficiaries. A total of 2,375 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $268,456,393 as of
September 30, 2008, compared to $315,613,194 as of October 1, 2007. During the plan year the plan experienced a decrease in its net assets of $47,156,801. This decrease 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 loss of
$28,635,235 including employer contributions of $13,718,433 and losses from investments of $42,329,425.
Minimum Funding Standards
An actuary's statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.
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. financial information and information on payments to service providers;
3. assets held for investment;
4. transactions in excess of 5% of the plan assets;
5. insurance information, including sales commissions paid by insurance carriers;
6. information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates; and
7. actuarial information regarding the funding of the plan.
To obtain a copy of the full annual report, or any part thereof, write or call the office of Georgia Stevedore Association - International Longshoremen's Association, 10 Mersey Way, Savannah, GA 31405, (912) 233-0218.
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.
You also have the legally protected right to examine the annual report at the main office of the
plan (Georgia Stevedore Association - International Longshoremen's Association, 10 Mersey Way, Savannah, GA 31405) 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 N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. |
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