2008 Annual Report - IWA Forest Industry Pension Plan

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GOVERNANCE STRUCTUREIWA - FOREST INDUSTRY PENSION PLANBOARD OF TRUSTEESTom Getzie (1, 2, 3*, 4*)Co-ChairForest Industrial RelationsBob Matters (1*, 2*, 3*, 4*)Co-ChairUnited SteelworkersMike Bryce (3)CONIFERVern Carter (2*)I.F.L.R.A.Frank Everitt (1, 2)USWBill Routley (1)USWDonald Cadman (1*, 3, 4)CONIFERNorman Chow (1)I.F.L.R.A.Brian HarderUSWDoug SingerUSWBrian Cairo (2)FIRTerry LinekerFIRMonty MearnsUSWDarrel Wong (1, 2, 3, 4)USWWarren OjaUSWHarvey Arcand, Advisor - USWGerry Smith, Advisor - USWADMINISTRATION & INVESTMENTSRobert BishoffGeneral ManagerColleen TroelstrupDirector, InvestmentsJudith BrownPension AdministratorTRUST FUND CUSTODIAN PLAN ACTUARY AUDITORSRBC Dexia Investor Services TOWERS PERRIN, INC. GRANT THORNTON LLPEXTERNAL LEGAL COUNSELLAWSON LUNDELL LLPINVESTMENT CONSULTANTRUSSELL INVESTMENTS CANADA LIMITED1 Audit Committee1* Audit Committee Co-Chair2 Investment Committee2* Investment Committee Co-Chair3 Governance Committee3* Governance Committee Co-Chair4 Human Resources & Compensation Committee4* Human Resources & Compensation Committee Co-ChairIWA - Forest Industry Pension PlanAnnual Report 2008Appointing Organizations:I.F.L.R.A.Interior Forest Labour Relations AssociationCONIFERCouncil on Northern Interior Forest Employment RelationsFIRForest Industrial RelationsUSWUnited Steelworkers6
MEMBERSHIPThe Plan holds the pension assets of over 70,000 members, from 437 participating employers and is considered the largest privatesector pension plan in British Columbia.2008 2007 2006Active Members 21,361 24,256 26,375Inactive Members 29,645 28,598 27,224Retired Members 22,712 22,072 21,386Market Value of Funds (millions) $2,513.2 $3,212.7 $3,179.9Employer Contributions (millions) $57.9 $74.4 $93.7Employee Contributions (millions) $31.7 $33.7 $36.4Retirement Benefits Paid (millions) $172.1 $162.0 $154.3Value of Members Accounts transferred out of Plan(millions)$26.2 $21.8 $17.8Annual Administrative Cost per Member(excludes investment cost)$57.30 $53.22 $51.46The annual administrative cost per member increased slightly last year to $57.30. This cost has remained relatively stable, averaging$52.69 per member over the last 5 years.MEMBERSHIP BREAKDOWN 2008 AND 19881988 200829%Active(21,361)66%Active(49,384)40%Inactive(29,645)19%Inactive(14,286)31%Retirees &Beneficiaries(22,712)15%Retirees &Beneficiaries(11,549)0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000The number of pensioners has nearly doubled in the past 20 years, while the number of active members declined by more than 50%- in part due to greater global competition, the rapid pace of technological change and automation within the forest industry. Themarket value of the Fund in this same period, however, has grown from $595.6 million in 1988 to $2.51 billion in 2008 - a growth ofnearly 325%. This is significant because as a mature pension plan, investment returns become more important to the future growthof the Pension Fund than contributions.IWA - Forest Industry Pension PlanAnnual Report 20087
Page 1 and 2: IWA - FOREST INDUSTRY PENSION PLANA
Page 3: TABLE OF CONTENTSMESSAGE FROM THE T
Page 6 and 7: PROFILEThe IWA - Forest Industry Pe
Page 8 and 9: PENSION PLAN GOVERNANCEOVERVIEWA 16
Page 12 and 13: MEMBERSHIPACTIVE MEMBER PROFILEThe
Page 14 and 15: ASSETS IN THE PENSION FUNDThe Pensi
Page 16 and 17: RATES OF RETURN AND BENCHMARKSA ben
Page 18 and 19: INVESTMENT MANAGERS AS AT DECEMBER
Page 20 and 21: PLAN’S FINANCIAL POSITIONSOLVENCY
Page 22 and 23: SUMMARIZED FINANCIAL STATEMENTS FOR
Page 24 and 25: INVESTMENT & CUSTODIAL EXPENSESThe
Page 26 and 27: GLOSSARYActive Member - A member of
Page 28 and 29: NOTESIWA - Forest Industry Pension
Page 30 and 31: NOTESIWA - Forest Industry Pension
Page 32: IWA - FOREST INDUSTRY PENSION PLAN1

2008 Annual Report - IWA Forest Industry Pension Plan

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