2008 Annual Report - IWA Forest Industry Pension Plan

INVESTMENT & CUSTODIAL EXPENSESThe Investment Fees for 2008 totalled $5,950,940. Custodial Fees for the year totalled $525,181. This computes to 0.2577% of theMarket Value of the Fund. Investment management fees can vary greatly and are a product of the size and type of asset beingmanaged. Investment and Custodial Fees are usually calculated as an annual percentage of the average total net asset value ofthe fund. In some cases, additional investment manager fees are netted against asset values and performance based fees may bepayable, and therefore are not included in the table below.The following table illustrates the last five years of the Plan’s Investment and Custodial Fees:2008 2007 2006 2005 2004Investment Fees $5,950,940 $6,171,084 $5,722,314 $5,386,648 $5,068,191Custodial Fees 525,181 556,902 541,647 469,035 475,181TOTAL $6,476,121 $6,727,986 $6,236,961 $5,855,683 $5,543,372Market Value of Fund $2,513,229,733 $3,219,782,032 $3,179,965,696 $2,800,303,008 $2,450,560,509% of Market Value of Fund 0.2577% 0.2090% 0.1970% 0.2091% 0.2262%ANNUAL CASH FLOWThe Plan had a total net income loss of $490,483,319 in 2008, which includes an increase from employer and employee contributionsof $89,533,920 and an investment loss of $580,017,239. The benefit payments and expenses totalled $208,991,807. The value of thePension Fund therefore decreased by $699,475,126 during 2008.$600.0INVESTMENT INCOME & CONTRIBUTIONS VS. BENEFIT PAYMENTS & EXPENSES$400.0$200.0($millions)$-$-400.0$-600.0198819891990199119921993199419951996199719981999200020012002200320042005200620072008Investment Income Contributions Benefit Payments and Total ExpensesIWA - Forest Industry Pension PlanAnnual Report 200820