2008 Annual Report - IWA Forest Industry Pension Plan

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SUMMARIZED FINANCIAL STATEMENTS FOR 2008IWA - FOREST INDUSTRY PENSION PLANSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR MEMBERSYear Ended 2008 2007REVENUEInvestment Income $ 141,840,602 $ 315,818,001(Loss) gain on sale of investments (97,209,368) 136,730,356Decrease in unrealized gain on investments (624,648,473) (326,666,217)(580,017,239) 125,882,140CONTRIBUTIONSEmployer 57,871,718 74,392,951Employee 31,662,202 33,692,344(490,483,319) 233,967,435EXPENSESBenefit payments 198,291,734 184,804,567Administrative 3,819,578 3,611,058Non-administrative 6,880,495 7,104,416208,991,807 195,517,041(Decrease) Increase in net assets available for members (699,475,126) 38,450,394Net assets available for membersBeginning of year 3,212,704,859 3,174,254,465End of year 2,513,229,733 $ 3,212,704,859IWA - Forest Industry Pension PlanAnnual Report 200818
BENEFIT PAYMENTSBenefits under the Plan, held in Trust, are provided from the Pension Fund. The Plan paid a total of $198.3 million to members andbeneficiaries in 2008. This number includes $172.1 million to retired members and their beneficiaries and $26.2 million in commutedvalue payments for inactive members under the age of 55 and death benefits paid on behalf of deceased Plan members.$200PENSION PAYMENTSTO RETIRED MEMBERS AND THEIR BENEFICIARIES25,000Annual Pension Payments ($millions)$180$160$140$120$100$80$60$40$2020,00015,00010,0005,000Number or Retired Members/Beneficiaries$01988198919901991199219931994199519961997199819992000200120022003200420052006200720080# of Pensioners & Beneficiaries Annual Pension PaymentsOPERATING EXPENSESIn 2008, the IWA - Forest Industry Pension Plan had an administrative cost of $57.30 per member. This number has remained relativelystable for the past 5 years as detailed in the next table. The Plan’s total operating costs (including Investment and Custodial Fees)for 2008 totalled $10,700,073.2008 2007 2006 2005 2004Administrative Expenses $3,819,578 $3,611,058 $3,624,579 $3,242,892 $3,403,005Actuarial & Consulting Fees 258,936 243,177 212,929 281,694 335,675Audit & Accounting Fees 105,489 90,660 91,122 59,804 77,573Legal Fees 19,641 22,278 12,992 41,696 32,988Registration Fees 20,308 20,315 20,315 20,294 20,504TOTAL ADMINISTRATIVE COST $4,223,952 $3,978,488 $3,961,937 $3,646,380 $3,869,745Total Number of Members 73,718 74,926 76,991 74,488 73,737Administrative Cost per Member $57.30 $53.22 $51.46 $48.98 $52.48Each year the Plan measures cost performance by using a pool of major Canadian pension plans to benchmark overall administrativecost per member. This pool covers over one million pension plan members. The average administrative cost for this pool for 2005was $145 per member. Three of the plans used in this comparison had membership totals very close to our Plan (approximately75,000). The average administrative cost for this group was $197 per member.IWA - Forest Industry Pension PlanAnnual Report 200819
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 10 and 11: GOVERNANCE STRUCTUREIWA - FOREST IN
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 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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