Annual Report 2010 - IWA Forest Industry Pension Plan

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Governance Structure IWA - Forest Industry Pension Plan Board of Trustees 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 Warren Oja USW Donald Cadman (1*, 3, 4) CONIFER Boyd Stinson FIR Brian Harder USW Doug Singer (1, 3) USW Brian Cairo (2) FIR Monty Mearns USW Darrel Wong (2, 4) USW Harvey Arcand, Advisor - USW Gerry Smith, Advisor - USW Administration & Investments Robert Bishoff General Manager Colleen Troelstrup Director, Investments Trust Fund Custodian Plan Actuary Auditors RBC DEXIA INVESTOR SERVICES TOWERS WATSON GRANT THORNTON LLP External Legal Counsel LAWSON LUNDELL LLP Investment Consultant 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 2010 6
Membership The Plan holds the pension assets of over 70,000 members, from 403 participating employers and is considered the largest private sector pension plan in British Columbia. 2010 2009 2008 Active Members 14,428 16,439 21,361 Inactive Members 31,102 31,187 29,645 Retired Members and Beneficiaries 24,845 24,399 22,712 Market Value of Funds (millions) $2,867.9 $2,757.7 $2,513.2 Employer Contributions (millions) $50.0 $41.7 $57.9 Employee Contributions (millions) $30.1 $26.0 $31.7 Retirement Benefits Paid (millions) $243.5 $219.4 $172.1 Value of Members Accounts transferred out of Plan (millions) $40.3 $29.1 $26.2 Annual Administrative Cost per Member (excludes investment cost) $56.60 $60.83 $57.30 The annual administrative cost per member decreased to $56.60 last year. This cost continues to remain relatively stable, averaging $55.88 per member over the last 5 years. Membership Breakdown 2010 and 1990 1990 2010 21% Active (14,428) 60% Active (44,360) 44% Inactive (31,102) 22% Inactive (16,121) 35% Retirees & Beneficiaries (24,845) 18% Retirees & Beneficiaries (13,011) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 1000020000300004000050000600007000080000 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 $681 million in 1990 to $2.87 billion in 2010 - a growth of over 320%. 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 2010
Page 1 and 2: IWA - Forest Industry Pension Plan
Page 3: Table of Contents Message from the
Page 6 and 7: Profile The IWA - Forest Industry P
Page 8 and 9: Pension Plan Governance Overview A
Page 12 and 13: Membership Active Member Profile Th
Page 14 and 15: Assets in the Pension Fund The Pens
Page 16 and 17: Rates of Return and Benchmarks A be
Page 18 and 19: Investment Managers as at December
Page 20 and 21: Plan’s Financial Position Solvenc
Page 22 and 23: Summarized Financial Statements for
Page 24 and 25: Investment & Custodial Expenses The
Page 26 and 27: Glossary Active Member - A member o
Page 28 and 29: Notes IWA - Forest Industry Pension
Page 30 and 31: Notes IWA - Forest Industry Pension
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Annual Report 2010 - IWA Forest Industry Pension Plan

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