V A C A T I O N
SUMMARY ANNUAL REPORT
FOR GEORGIA STEVEDORE ASSOCIATION INTERNATIONAL
LONGSHOREMEN’S ASSOCIATION LOCAL CONTAINER ROYALTY
FUND FOR SUPPLEMENTAL VACATION BENEFITS
This is a summary of the annual report of the Georgia Stevedore Association-International Longshoremen’s Association Local Container Royalty Fund for Supplemental Vacation Benefits (the “Plan”), EIN 58-1847647, Plan No. 503, for the period October 1, 2007, through September 30, 2008. The annual report has been filed with the Employee Benefit Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
The value of Plan assets, after subtracting liabilities of the Plan, was $16,410,105 as of September 30, 2008, compared to $16,961,466 as of October 1, 2007. During the Plan year, the Plan experienced a decrease in its net assets of $551,361. 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. During the Plan year, the Plan had total income of $37,120,359 including employer contributions of $36,525,209 and earnings from investments and other income of $595,150.
Plan expenses were $37,671,720. These expenses included $20,543,237 in required allocations under the Collective Bargaining Agreement, $16,541,523 in benefits paid to participants and beneficiaries, (of which $1,144,348 was for payroll taxes), and $586,960 in administrative expenses.
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; and
- 3) assets held for investment.
To obtain a copy of the full annual report, or any part thereof, write Georgia Stevedore Association-International Longshoremen’s Association, P.O. Box 1280, 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, P.O. Box 1280, 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 Benefit Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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