2009 Annual Report - IWA Forest Industry Pension Plan

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Go v e r n a n c e St r u c t u r e IWA - Fo r e s t In d u s t r y Pe n s i o n Pl a n Bo a r d o f Tr us t e e s Tom Getzie (1, 2, 3*, 4*) Co-Chair Forest Industrial Relations Bob Matters (1*, 2*, 3*, 4*) Co-Chair United Steelworkers Mike Bryce (3) CONIFER Vern Carter (2*) I.F.L.R.A. Frank Everitt (1, 2) USW Bill Routley (1) USW Donald Cadman (1*, 3, 4) CONIFER Norman Chow (1) I.F.L.R.A. Brian Harder USW Doug Singer USW Brian Cairo (2) FIR Terry Lineker FIR Monty Mearns USW Darrel Wong (1, 2, 3, 4) USW Warren Oja USW Harvey Arcand, Advisor - USW Gerry Smith, Advisor - USW Adm i n i s t r at i o n & In v e s t m e n t s Robert Bishoff General Manager Colleen Troelstrup Director, Investments Stephanie Griffith Pension Administrator Tr u s t Fu n d Cu s t o d i a n Pl a n Ac t u a r y Au d i t o r s RBC DEXIA INVESTOR SERVICES TOWERS PERRIN, INC. GRANT THORNTON LLP Ex t e r n a l Le g a l Co u n s e l LAWSON LUNDELL LLP In v e s t m e n t Co n s u lta n t MERCER (CANADA) LIMITED 1 Audit Committee 1* Audit Committee Co-Chair 2 Investment Committee 2* Investment Committee Co-Chair 3 Governance Committee 3* Governance Committee Co-Chair 4 Human Resources & Compensation Committee 4* Human Resources & Compensation Committee Co-Chair Appointing Organizations: I.F.L.R.A. Interior Forest Labour Relations Association CONIFER Council on Northern Interior Forest Employment Relations FIR Forest Industrial Relations USW United Steelworkers IWA - Forest Industry Pension Plan Annual Report 2009 6
Me m b e r s h i p The Plan holds the pension assets of over 70,000 members, from 424 participating employers and is considered the largest private sector pension plan in British Columbia. 2009 2008 2007 Active Members 16,439 21,361 24,256 Inactive Members 31,187 29,645 28,598 Retired Members 24,399 22,712 22,072 Market Value of Funds (millions) $2,757.7 $2,513.2 $3,212.7 Employer Contributions (millions) $41.7 $57.9 $74.4 Employee Contributions (millions) $26.0 $31.7 $33.7 Retirement Benefits Paid (millions) $219.4 $172.1 $162.0 Value of Members Accounts transferred out of Plan (millions) Annual Administrative Cost per Member (excludes investment cost) $29.1 $26.2 $21.8 $60.83 $57.30 $53.22 The annual administrative cost per member increased slightly last year to $60.83. This cost continues to remain relatively stable, averaging $54.36 per member over the last 5 years. Me m b e r s h ip Br e a k d o w n 2009 a n d 1989 1989 2009 23% Active (16,439) 63% Active (47,421) 43% Inactive (31,187) 20% Inactive (15,088) 34% Retirees & Beneficiaries (24,399) 17% Retirees & Beneficiaries (12,434) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 The number of pensioners has nearly doubled in the past 20 years, while the number of active members declined by 65% - in part due to greater global competition, the rapid pace of technological change and automation within the forest industry. The market value of the Fund in this same period, however, has grown from $695 million in 1989 to $2.76 billion in 2009 - a growth of nearly 300%. This is significant because as a mature pension plan, investment returns become more important to the future growth of the Pension Fund than contributions. 7 IWA - Forest Industry Pension Plan Annual Report 2009
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