W E L F A R E
SUMMARY ANNUAL REPORT
FOR GEORGIA STEVEDORE ASSOCIATION - INTERNATIONAL LONGSHOREMEN'S ASSOCIATION WELFARE PLAN
This is a summary of the annual report of the Georgia Stevedore Association - International Longshoremen's Association Welfare Plan, EIN 58-6034166, Plan No. 502, 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).
The Board of Trustees of the Georgia Stevedore Association - International Longshoremen's Association has committed itself to pay certain medical, dental and long term disability claims incurred under the terms of the plan.
Insurance Information
The plan has a contract with Reliance Standard Life Insurance Company to pay life insurance, accidental death and dismemberment claims incurred under the terms of the plan. The total premiums paid for the plan year ending September 30, 2008 were $778,708.
Basic Financial Statement
The value of plan assets, after subtracting liabilities of the plan, was $36,303,349 as of September 30, 2008, compared to $37,393,312 as of October 1, 2007. During the plan year the plan experienced a decrease in its net assets of $1,089,963. 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 $19,860,615 including employer contributions of $22,637,574, realized gains of $30,867 from the sale of assets, and earnings from investments of $(2,686,836).
Plan expenses were $20,950,578. These expenses included $3,346,513 in administrative expenses and $17,604,065 in benefits paid to participants and beneficiaries.
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; and
5. insurance information, including sales commissions paid by insurance carriers.
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 who is the plan administrator, Board of Trustees - 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 (Board of Trustees - 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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